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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets recover 
(Mon, 4 Mar 01:30 pm) 
 
Indian share markets made some recovery but continued to trade below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading negative with consumer durables, metal and capital goods stocks being the biggest losers. Only oil and gas and banking stocks are trading in the green.

BSE-Sensex is down 66 points and NSE-Nifty is trading down by 25 points. While BSE Mid Cap is down 1%, BSE Small Cap index is trading down by 1.6%. The rupee is trading at 55.0 to the US dollar.

Majority of the private banking stocks are trading in the red with Dhanlaxmi Bank and ING Vysya Bank being the major losers. However, Yes Bank and ICICI Bank are trading strongly. Reserve Bank of India (RBI) has said that the financial inclusion plan drawn out by private sector banks will be an important factor that will determine whether they win new banking licenses or not. As per RBI's new banking license guidelines released in February 2013, the two important criteria for processing the application would be business model and provision for financial inclusion. The guidelines require new banks to establish at least 25% of their branches in places having a population of less than 10,000. Private corporations and public sector entities with 10 years experience will be eligible for the new license. The interested applicants are required to send in their applications by 1st July 2013.

Most of the automobile stocks are trading are in the red with Maharashtra Scooters and Tube Investments being the top losers. Only Eicher Motors is trading in the green. As per a leading financial daily, Bajaj Auto is beginning to feel the heat of the economic slowdown in the domestic market. For the month of February, the company reported a 4% YoY decline in sales of motorcycles to 2,91,297 units. Even the offtake of its commercial vehicles fell by 2% YoY to 41,090 units for the month. The only saving grace was the 10% YoY jump in exports to 1,35,149 vehicles. Exports accounted for 40% of the total sales during the month. The cumulative vehicle sales for the period April-February 2013 fell by 2% on a 1% fall in motorcycle sales and a 7% decline in offtake of commercial vehicles. Even exports for the period were lower by 2%. The stock of Bajaj Auto was trading down 2.5%.

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Jul 24, 2017 03:37 PM

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