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Markets will remain closed on 26th June, 2017 on account of Ramzan EID.

Chinese Markets Bring Down Indian Indices
Mon, 4 Jan Closing

The Indian equity markets continued to bleed throughout the day. They ended on a weak note after China's Shanghai Composite Index closed 7% lower on Monday, where trading was halted prematurely after weak manufacturing data sent shares plummeting. The sentiments were also hurt by surge in crude oil prices. The BSE-Sensex closed lower by 538 points, while the NSE Nifty closed lower by 172 points. Midcaps and Small caps too finished on a negative note. The S&P BSE Mid Cap index and the S&P BSE Small Cap index closed the day with losses of 1.2% each. Losses were largely seen in banking and capital goods' stocks.

Asian markets finished sharply lower today with shares in China leading the region. Japan's Nikkei 225 was off 3.06% and Hong Kong's Hang Seng ended lower by 2.68%. European markets are trading sharply lower today with shares in Germany off the most. The DAX is down 3.07%, while France's CAC 40 is off 2.04% and London's FTSE 100 is lower by 1.67%. The rupee was trading strong at 66.46 against the US$ in the afternoon session.

According to a leading financial daily, the estimated Rs 50 billion joint venture between steel giant ArcelorMittal and state-run SAIL is most likely to be finalized this year with the Steel Ministry working towards formalizing the project. The proposed joint venture will construct a cold rolling mill and other downstream finishing facilities in India. Reportedly, the production is expected to double between 2014 and 2020, from 3.6 million units to 7.3 million units.

The proposed joint venture will be a major boost to the Make in India program and it will further help in improving the world production ranking for the steel sector and inch closer to the number two spot. Reportedly, the expected tenure for the MoU to become a formal joint venture would take between eighteen months to two years.

The move is considered to be a big one for ArcelorMittal, which is trying to enter India after failing for a decade to set up plants at Odisha and Jharkhand. Its work on the US$6.5 billion Karnataka plant is yet to take off. This news comes at a time when the metal industry has been badly hit by a sharp slowdown in manufacturing around the world (Subscription Required).

The company reported a muted performance (Subscription Required) on account of a drop in realisations due to subdued demand coupled with strong imports from China and other FTA countries like Japan and Korea with import of finished goods. More recently, the government of India imposed provisional safeguard duty on import of certain category of steel due to sudden surge in steel imports to protect the steel industry.

According to a leading economic daily, Dabur is in the process of modernizing its Ayurveda portfolio and introducing new products at the same time. The company is all set to introduce traditional Ayurvedic post-natal health tonic Dashmularishta and the pain relief tonic Ashokarishta in modern formats. The company is also in the process to increase its women's healthcare products. Reportedly, this move comes against the backdrop of the rising popularity of Ramdev's Patanjali products with urban Indian consumers looking for healthier options.

Reportedly, the company announced its foray into the premium baby care market with the launch of 'Dabur Baby', a new brand which will have a range of baby care products prepared using natural oils. The product will be launched under the Dabur Baby Umbrella brand.

The company recently reported a revenue growth of 9% YoY during the quarter, while profits moved up by 19% YoY (Subscription Required). The script of Dabur finished the trading day on a negative note (down 0.3%) on the BSE. Meanwhile, FMCG sector closed on a negative note (down by 0.47%) at the closing bell with Bata India and Jyothy Labs witnessing majority of the selling activity. The FMCG sector slowed down to 2.2% YoY growth during the September 2015 quarter.

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1 Responses to "Chinese Markets Bring Down Indian Indices"

mallu

Jan 4, 2016

market why crash

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