Benchmarks continue firm trade, TECK, Infra lead FOR 11 March Indian Market

Wednesday 11 March 2015

Benchmarks continue firm trade, TECK, Infra lead FOR 11 March Indian Market


English: Logo of Airtel
           Indian equity markets continued their firm trade in the late afternoon session on account of buying in frontline blue chip counters taking cues from European counterparts. Investors have started taking cautious approach ahead of the release of February CPI and January IIP data, which is scheduled to be released on Thursday. Traders were seen piling positions in TECK, Infra and Power stocks while selling was witnessed in Metal, Realty and Consumer Durables sector stocks. In scrip specific development, Jubilant Life Sciences was trading in green after a foreign brokerage firm retained a buy rating on the stock stating that the valuations of the stock are attractive, given expectations of improvement in EBITDA margins and free cash flows.  

On the global front, the Asian markets were trading mostly in red while the European markets were trading on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading above the psychological 8,700 and 28,700 levels respectively. The market breadth on BSE was negative in the ratio of 1048:1598 while 133 scrips remained unchanged. The BSE Sensex is currently trading at 28734.53, up by 24.66 points or 0.09% after trading in a range of 28626.96 and 28815.95. There were 14 stocks advancing against 16 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.29%, while Small cap index down by 0.25%. The gaining sectoral indices on the BSE were TECK up by 0.64%, INFRA up by 0.63%, Power up by 0.37%, FMCG up by 0.35%, IT up by 0.27% while, Metal down by 1.51%, Realty down by 0.73%, Consumer Durables down by 0.35%, Auto down by 0.27%, PSU down by 0.25% were the losing indices on BSE. 

The top gainers on the Sensex were Bharti Airtel up by 3.83%, Hindustan Unilever up by 2.03%, Mahindra & Mahindra up by 1.59%, GAIL India up by 1.51% and HDFC up by 1.26%. On the flip side, Hindalco down by 5.65%, Cipla down by 1.82%, Sesa Sterlite down by 1.57%, Tata Motors down by 1.42% and Sun Pharma down by 1.33% were the top losers. Meanwhile, the government has revived plans to set up a fertilizer plant in Iran with an investment of about Rs 5,000 crore. The proposal is to set up a urea/ammonia JV Project with capacity to produce 1.3 MT Urea for import to India. However, the government has requested the Persian Gulf nation to offer long term gas contract for manufacturing the soil nutrient at feasible rates.  The government has nominated companies like Rashtriya Chemicals and Fertilizers (RCF), Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) and Gujarat State Fertilizers Corporation (GSFC) for the proposed 1.3 million tonne urea joint venture plant.  These Indian companies’ have appointed SBI Capital to identify the Iranian partners for the Joint Venture Project. 

Notably, both the nations have been in discussions for setting up of a fertilizer plant in the Persian Gulf nation since 2013, but talks failed to fructify stuck over gas price issue. However, India has revived its plans after Iranian authorities approached the government officials and expressed willingness to partner with them in this project. The proposed urea joint venture plant in Iran would be on the similar lines of OMIFCO (Oman India Fertiliser Company) in Oman, where the Indian entities have jointly invested in urea manufacturing with local player. The Indian government has a long term off-take arrangement with OMIFCO for sourcing urea, which is produced at lower rates compared to domestic cost of production. The CNX Nifty is currently trading at 8716.30, up by 4.25 points or 0.05% after trading in a range of 8686.35 and 8747.05. There were 20 stocks advancing against 30 stocks declining on the index. The top gainers on Nifty were Bharti Airtel up by 3.82%, HCL Tech up by 2.29%, Hindustan Unilever up by 2.04%, Mahindra & Mahindra up by 1.68% and GAIL India up by 1.50%. On the flip side, Hindalco down by 6.05%, Cairn India down by 2.88%, Cipla down by 1.88%, Sesa Sterlite down by 1.85% and DLF down by 1.59% were the top losers. The Asian markets were trading mostly in red; Hang Seng decreased 179.01 points or 0.75% to 23,717.97, Jakarta Composite decreased 39.61 points or 0.73% to 5,423.32, Straits Times decreased 23.79 points or 0.7% to 3,374.47, Taiwan Weighted decreased 13.35 points or 0.14% to 9,523.18, FTSE Bursa Malaysia KLCI decreased 9.33 points or 0.52% to 1,780.40 and KOSPI Index decreased 3.94 points or 0.2% to 1,980.83. On the other hand, Shanghai Composite increased 4.83 points or 0.15% to 3,290.90 and Nikkei 225 increased 58.41 points or 0.31% to 18,723.52. The European markets were trading mostly in green; UK’s FTSE 100 increased 26.25 points or 0.39% to 6,729.09, France’s CAC increased 53.35 points or 1.09% to 4,935.30 and Germany’s DAX increased 90.44 points or 0.79% to 11,590.82.


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