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Metal stocks face the heat
Wed, 7 Jan Closing

After trading in the negative territory during post noon trading session, the Indian equity markets lost ground further and closed the day in the red. While the BSE Sensex today closed lower by 79 points, the NSE-Nifty closed lower by 25 points. Midcaps and Smallcaps too remained range bound today. While the BSE Mid Cap index closed lower by 0.01%, the BSE Small Cap index closed higher by 0.03%. Metal stocks were the biggest losers today.

As regards global markets, Asian pack closed mixed today. The rupee was trading at Rs 63.32 odd levels to the dollar at the time of writing.

Mining stocks have ended the day on a weak note. The workers at Coal India continued their strike on the second day. Started as a 5 day affair the strike could be extended by another 10 days if the government does not succumb to demands of workers. The workers are protesting against the permission given for merchant mining and sale of coal in open market. A reduction in work week from 6 to 5 and social security for all is also being demanded. If the deadlock does not end in 5 days, production will get impacted and thus worsen the power situation.

IT stocks closed mixed today. IT major Infosys is expected to lower its revenue guidance for FY15. Currency and seasonal weakness are the primary reasons cited for a possible downgrade. It may be noted that Euro, Pound and Australian Dollar have all depreciated against the US dollar in 3QFY15. This may impact the revenues of the company negatively. The earlier revenue growth guidance for FY15 was pegged in the range of 7-9%. It would be interesting to see by how many percentage points is the guidance trimmed.

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Jan 24, 2018 09:41 AM