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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indices end the week 1.5% lower 
(Fri, 8 Feb Closing) 
 
The Indian stock markets started the day on a flattish note with a positive bias. It moved higher during early trade, but this positive momentum did not last throughout the session. Post the afternoon session, indices moved towards the dotted line. In the final hour of trade, due to profit-booking in certain large cap counters, the indices finally closed the day deep in the red. The BSE-Sensex closed negative, lower by around 96 points (0.5%). The NSE-Nifty closed lower by around 35 points (0.6%). The smaller indices also had a negative day on the bourses. The BSE Mid Cap index and the BSE Small Cap index closed 0.7% and 1% lower respectively. Most sectoral indices closed in the red today with metal and PSU stocks leading the losses. On the other hand IT and capital goods stocks closed positive.

As regards global markets, Asian indices had a mixed outing today. European indices opened the day on a positive note. The rupee was trading at Rs 53.59 to the dollar at the time of writing.

Maharashtra Seamless Ltd (MSL) recently announced its results for the quarter ended December 2012 (3QFY13). The company's topline declined by 36.6% YoY during the quarter ended December 2012. Revenues from steel pipes and tubes division declined by 37.1% YoY while revenues from power division declined by 185% YoY. Both operating profits and operating margins declined by 67.1% YoY and 8% YoY respectively. At the bottomline level, net profits for the quarter saw a decrease of 64.9% YoY while net profit margins declined by 5.8% YoY. For the nine months ended December 2012, net sales declined by 17.2% YoY and net profits declined by 41.4% YoY. The stock closed over 1.7% lower in trade today.

NTPC was the fifth disinvestment candidate in the current fiscal during which the government has raised nearly Rs 218.3 bn by selling shares of state-owned undertakings as against its target of Rs 300 bn. The previous offerings were from NMDC, Hindustan Copper, National Buildings Construction and Oil India. Investors such as state-owned insurer Life Insurance Corporation, local mutual funds and foreign institutional investors put in Rs 114.3 bn on offer to buy shares of India's largest power producer, NTPC. The offer for sale by the government was subscribed 1.7 times as investors bid for 1.3 bn shares as against the 783 m on offer. This was the third-biggest equity offering on after Coal India and Reliance Power. This issuance will somewhat help plug India's widening fiscal deficit.

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Apr 28, 2017 (Close)

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