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The selloff continues...
Tue, 10 Mar 03:30 pm

Indian markets are trading with a negative bias as yesterday's sell-off continued. BSE-Sensex and NSE-Nifty are down 0.7% each and are trading with losses of 200 points and 70 points respectively. S&P BSE Midcap and S&P BSE Smallcap turned in red and are trading with 0.6% and 0.5% losses. In the second half of the trading session banking sector witnessed maximum losses. Commodities are also trading in the red. Gold fell about 0.8% and is trading at Rs 25,800 (per 10 grams) levels while silver prices per kilogram fell about 0.7% and is trading with a loss of Rs 35,640. Crude oil prices fell about 1% and is trading at Rs 3,133 per barrel. Indian Rupee eroded its early gains and is trading marginally stronger by 0.11% or 0.07 at Rs 62.62 against the US Dollar.

European markets have opened and are currently trading with moderate losses. Fresh woes over Greece crisis has weighed over the European equity markets. DAX and FTSE are trading with 0.4% and 0.3% losses, respectively.

According to the reports disclosed by Society of Indian Automobile Manufacturers (SIAM) motorcycles volumes for the month of February fell nearly 8.2% to 774,122 units compared to 843,436 units that were sold in the previous year same period. For the month of February, domestic car sales increased 6.85% to 171,727 units compared to 160,717 units that were sold same period, last year in 2014. The automobile sector continue to trade marginally in the green. Major auto companies such as Maruti Suzuki and Tata Motors continue to trade in the red, however, TVS Motors gained over 1% following such news.

Shares of the realty stocks were trading weak with DLF and Prestige Estate leading the pack of losers. Ashoka Buildcon tanked over 6% after the company said it will purchase the remaining controlling stake in the Madhya Pradesh's Jaora Nayagaon Toll Project. In an attempt to have a strong footing, the company plans to purchase 36% stake from companies like SREI Infra and IFCI. Currently, the company has an ownership of 37.7% over the toll project. Ashoka Buildcon plans to purchase the controlling stake for Rs 9 bn. According to leading financial sources, the company will also raise capital of Rs 7 billion via Qualified Institutional Placement route. The capital will be utilized as investments in different projects.

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