India Markets Tuesday Wrap-Up: Day Of Marginal Gains

by: Equitymaster

Although volatility came to the fore during the closing hours, indices in the Indian stock markets did manage to close the day amidst gains. While BSE-Sensex edged higher by around 40 points (up 0.25%), gains on the NSE-Nifty came in the region of 20 points. BSE Mid cap performed the best, edging higher by 0.6% whereas the BSE Small cap index closed flattish. Nearly three stocks gained for every two that closed the day in the positive on the Sensex.

Asian indices closed mixed today while Europe is trading mostly in the red currently. The rupee was placed at Rs 50.4 to the dollar at the time of writing.

Aluminium major National Aluminium Corperation Limited (NYSE:NLC) closed higher on the bourses today. The gains seemed a result of the company's plans to increase its capex by more than 70% to Rs 23 bn in fiscal year FY13. It should be noted that the company intends to add a whopping Rs 580 bn to its fixed capital base by the year 2020. This would be mostly for setting up aluminium smelters. While one smelter would be built in India itself, the country of Indonesia is the target for the second smelter. The company is also a disinvestment target for the Government of India's Rs 300 bn disinvestment target for the next fiscal.

Indian Hotels, the hospitality major has increased its offering with the addition to the Vivanta with the opening of a new spa resort in the southern state of Kerala. This sprawling 25 acre resort is situtated in the district of Kasargod in northern Kerala. This property is the fifth in Kerala under the brand name of Vivanta by Taj and takes the total tally of hotels of the company to 24. The stock however closed lower today.