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Indian stock markets move further north
Mon, 26 Dec 11:30 am

Indian stock markets indices have built on their early trading gains and have been trading quite firm over the last two hours of trade. All sectoral indices are trading in the green.

The BSE-Sensex is trading up by 200 points and NSE-Nifty is trading firm by 50 points. BSE Mid Cap and BSE Small Cap indices are trading strong by 0.9% and 1.4% respectively. The rupee is trading at 52.87 to the US dollar.

Mining stocks are trading in the green led by National Mineral Development Corporation (NMDC) and Ashapura Minechem. As per a leading daily, Coal India is making attempts to meet its revised target of producing 440 m tonnes this fiscal. We may recollect here that earlier, the target was set at 452 m tonnes. This was done due to heavy rainfall, strikes and delays in granting of required licenses and approvals. It is important to know that last year too, the coal company had under revised its production target but still was unable to meet the same.

Coal India is also looking out for equipment to modernise its mines and increase the output. At the same time, it is aiming at reducing the number of casualties that happen. For all this, it is scouting for a partner and is in talks with an Australian firm by the name of "Valley Longwall International".

PSU Banking stocks are trading firm today. Allahabad Bank and UCO Bank are leading the gains. As per a leading financial daily, the Government is very concerned about the exposure of banks to the 4 troubled sectors of aviation, power, telecom and textiles. In a recently held meeting, the financial services secretary met with the heads of top public sector banks. The meeting was held with the intention of asking all the PSU banks to follow a common strategy while dealing with these sectors. We may note here that banks on their part are also taking necessary steps to deal with this problem. They have restructured their loans to power companies or even stopped lending to the sector. For textiles, they have made provision for a debt recast package.

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