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Banking stocks drag down markets
Fri, 3 Jan 11:30 am

After opening weak, the Indian Indices are trading well below the dotted line in the morning session. All sectoral indices except software are in the red. The selling pressure is the highest in banking and engineering stocks.

The BSE Sensex is trading down 88 points and the NSE-Nifty is trading down 30 points. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading down 0.1%. The rupee is trading at 62.42 to the US dollar.

Software stocks are trading higher today. Infosys and Tata Consultancy Services (TCS) are among the stocks leading the gainers. India's largest software firm TCS, has announced that its flagship banking software BaNCS, has been successfully implemented by one of Australia's largest financial firms. CUA which is the largest customer owned financial institution in the country, has implemented BaNCS to re-engineer its core banking and online banking systems. The new software platform will enable CUA to improve its internal processes and efficiencies as well as improve customer service. TCS said that the BaNCS platform provides a single integrated approach across all consumer banking products for any bank in the world. The financial details of this project were not disclosed by the management. TCS is trading up 2.1% today.

Most automobile stocks are trading in the red. While Escorts and M&M are leading the losers; Hero MotoCorp and Maruti Suzuki are trading in the green. As per a leading financial daily, Tata Motors has reported its vehicle sales numbers for the month of December 2013. The company's sales were down by 42% YoY during December 2013 as compared to the same month during the previous year. It sold a total of 37,852 vehicles in December 2013 as compared to 65,582 vehicles in December 2012. The huge fall in the sales numbers is mainly on account of decline in the company's commercial vehicles segment which fell by about 46% YoY in the domestic market. Its exports also declined by about 27% YoY during the month. It may be noted, the industry, is plagued with declining sales for some time now, on account of the economic slowdown. Total domestic passenger car sales, declined by about 35% YoY in December 2013 for the entire industry. Tata Motors is trading down by 2.2%.

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