Indian Market Slip

Mon, 7 Dec 01:30 pm

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After opening the day on a firm note, Indian Indices slipped in the negative territory. Sectoral indices are trading on a mixed note. Stocks from the metal and oil & gas sectors are bearing the maximum brunt. However, stocks from FMCG and pharmaceutical sectors are witnessing buying interest. The BSE-Sensex is trading lower by 80 (down 0.3%) and the NSE-Nifty is trading down by 11 points (down 0.1%). The S&P BSE Midcap index is trading marginally up by 0.04% while the S&P BSE Smallcap index is trading up by 0.3%. Gold, per 10 grams, is trading at Rs 25,706 level. Silver, per kilogram, is trading at Rs 35,285 level. Crude oil is trading at Rs 2,654 per barrel. The rupee is trading at 66.83 to the US$.

As per an article in a leading financial daily, iron-ore miner National Mineral Development Corporation has slashed iron ore prices by Rs 300 per tonne. Iron-ore is one of the main raw-material which is consumed by the steel industry. Owing to the subdued demand in the steel sector, company had to slash its iron ore prices. After taking a price cut, new rate for iron ore lumps stands at Rs 1,800 per tonne.

India's largest iron ore miner's production rose by just 1 per cent to 30.4 MT in FY15 on a YoY basis. Faced with declining sales, the public sector undertaking (PSU) has been slashing iron ore prices since January.

The price of iron-ore has corrected by 42.3% since the beginning of this calendar year. However, there are talks to cut the export duty on iron-ore. This will provide a relief to players such as National Mineral Development Corporation (NMDC) and Vedanta Ltd. NMDC stock has shed of a third of its value within a period of one year.

NMDC is trading down by 0.7%.

As per an article in leading financial daily, power generation figures in November were flat on a YoY basis. However, the stagnancy was on account of a higher base. The month of November 2014 had reported a robust increase of 10% in power generation. Power generation has not improved significantly despite healthy growth in the economy

Tanushree Banerjee (Research Analyst), Managing editor of Stock Select, recently released a detailed research report on National Thermal Power Corporation (subscription required). In the note Tanushree explains the current scenario of the power sector and how things can turnaround provided the new reforms are implemented effectively. Further, she also explains how NTPC will be the biggest beneficiary once the sector revives. If you are interested in the stock, then this is a must read!

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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