Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian stock markets off day's highs
Wed, 22 Feb 11:30 am

Indian stock markets shed their early morning gains and traded in the red over last two hours of trade. All sectoral indices were trading low except IT, healthcare and energy stocks.

The BSE-Sensex is trading down by 77 points and NSE-Nifty is trading down by 32 points. BSE Mid cap and BSE Small cap indices too are trading down by 1.1% and 0.8% respectively. The rupee is trading at 49.25 to the US dollar.

Private banking stocks are trading weak led by Development Credit Bank and ICICI Bank. As per a leading daily, the Reserve Bank Of India (RBI) has instructed private banks to hike their priority sector lending (PSL) to 40%. This means a hike of 8% from the previous recommendation. This is being done to bring the private banks at par with the PSU banks. It also proposed a hike in education loan ceiling to Rs 5 lakh. A few other recommendations were made by PSL re-examining committee. These include doing away with the difference between direct and indirect lending to the farm sector. Foreign lenders will now have to lend 15% each to exporters and to medium and small scale enterprises (MSE). As per the committee chairman, the recommendations cannot be termed as anti-free trade. The recommendations are open for public comments till March 31, 2012.

Energy Stocks are trading strong led by Oil and Natural Gas Corporation Ltd. (ONGC) and Bharat Petroleum Corporation Ltd. (BPCL). As per a leading daily, Reliance Industries Limited (RIL) will be setting up the country's first butyl rubber facility. RIL is looking at a joint venture (JV) with Sibur - a Russian petrochemical maker for this. RIL will have a 74.9% stake in this JV named Reliance Sibur Elastomers Pvt Ltd. The Indian energy company is aiming to establish the plant by the second half of fiscal 2014. It will require an investment of US$ 450 m and will come up at RIL's Jamnagar unit. It will have a capacity of 1 lakh tonnes a year. The partnership is likely to be the fourth largest supplier of butyl rubber in the world.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian stock markets off day's highs". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Mar 19, 2018 (Close)