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Indian Markets Lose Ground
Tue, 10 Mar Closing

Indian markets closed today's day with losses as NSE-Nifty finished just above the 8700 mark while BSE Sensex finished above 28,700 mark. Nifty closed today's session with a loss of 0.5% or 44 points while Sensex closed today's session with a loss of 0.47% or 135 points. Indian markets witnessed a volatile session as it opened on a flattish note, however, extended losses in the second half of trading session. witnessed maximum selling while came out on top with maximum gains. BSE Mid Cap and BSE Small Cap ended the volatile session with 0.4% and 0.3% losses, respectively.

Commodities also witnessed some profit booking as gold fell 0.65% or Rs 150 and per 10 grams is trading at Rs 25,870. Silver prices fell 0.50% or Rs 170 and per kilogram is trading around Rs 35, 750. Crude oil price, per barrel, is trading with losses of 1% at Rs 3,132. Indian Rupee is trading with minor gains of 0.1% or 0.07 at Rs 62.62 against the U.S. Dollar.

European equity market extended losses as investors await a permanent solution to the Greece crisis. DAX, FTSE and CAC have fallen 0.6% each.

According to a leading financial daily, factory growth rate for the month of January is expected to remain low whilst inflation for the month of February is expected to remain below expectations of the Reserve Bank of India (RBI). According to the estimates gathered from 24 economists, factory growth rate is expected to decline for a second consecutive month to 0.65% YoY in January while inflation is expected to stand at 5.2% compared to January's reading of 5.11%. Weak factory growth and lower than expected inflation figures gives RBI a chance to continue with further easing of interest rates. With recent repo-rate cut of 25 basis points, interest rate stands at 7.5%.

Shares of Siti Cable network gained more than 4% after the company successfully raised the first arm of a US$ 100 m capital raising program through QIP. The company raised nearly Rs 2.21 bn in the first tranche. The company further said that the balance will be raised in the second phase. The QIP was over-subscribed by 10% and received traction from both domestic and international investors. HDFC Mutual Fund is the largest investor in this QIP program. The capital which is due to be raised through the QIP will be invested in expanding the company's digital footprint and will aim to gain to a digital subscriber base of 10 m.

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Jan 19, 2018 (Close)