After opening up by 1% in the morning trades, the Indian markets have lost all their gains and are currently trading on a negative note. The Sensex and Nifty are down by 0.15% and 0.08% respectively.

Hindalco has announced its results for the March 2012 quarter. The net sales of the company grew by 12 per cent on a YoY basis to Rs 7,647.07 crore. This was mainly due to the increase in sales of copper and because of the de-stocking of  aluminum during this period.

As expected in our morning update, the Indian markets have cut their losses and opened in the positive today. The rupee has also rebounded following the RBI's measures of fixing the intra-day open position limits at five times the net overnight open position limit.

While much has already been discussed over the apathy suffered by the OMCs, we would like to bring to the notice of our readers the crippling effect that the burgeoning subsidy bill could have on upstream companies like ONGC, Oil India and GAIL.

Indian equity markets may cut losses and open positive today. The SGX Nifty is trading up by 15 points at 4995 indicating a gap up opening to markets today.

After witnessing a lacklustre performance for the day, the Indian markets closed on a negative note. With the sentiments negative, the Sensex and Nifty closed with losses of 0.40% and 0.50% respectively.