Stock markets in India continued to trade flat in the afternoon session amid weak global markets as expectations of a US interest rate hike weighed on sentiment.
At the closing bell, the BSE Sensex stood lower by 7 points, while the NSE Nifty finished down by 2 points. Meanwhile, the S&P BSE Mid Cap finished & the S&P BSE Small Cap finished up by 0.2% and 0.3% respectively.
Gains were largely seen in oil & gas stocks & realty stocks. While bank stocks, FMCG sector and auto sector witnessed most the selling activity.
GAIL share price finished up by 3.5% after the company signed a time-swap deal with Swiss trading firm, Gunvor to sell some of its U.S. liquefied natural gas. As per an article in The Economic Times, the deal equates to around 5% of India's 2015/16 LNG imports and will support a government push to promote the use of the cleaner fuel in the fertilizer sector and the power sector, even as India's local gas production is falling.
According to a leading financial daily, National Association of Software and Services Companies (NASSCOM), the domestic IT services and BPO industry body expects the IT industry to grow at 8-10% next financial year.
He added that the current growth rate would support 8-10% growth, which may be revised after analyzing the fourth quarter (2016-17) numbers. So, the industry body will comeback in May with forecast after a better understanding of primary data. Further, on the falling hiring trends, he said that the current trend suggests that job accretion will be at best half of its growth in recent years.
Moving on to news from stocks in aluminum sector. Hindalco share price surged 4.8% after it was reported that the company launched a US$ 500 million (around Rs 33 billion) share sale to institutional investors.Proceeds of the transaction will be reportedly used for cutting burgeoning debt, general capex requirements, and acquisition opportunities.
In another development, Nalco share price too surged by 3.7% in today's trade after the company 16.8% growth in Bauxite production up to February 2017 with a volume of 65.64 lakh tones (LT), the highest since its inception.
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