Indian markets finished the trading session in the red for the third consecutive day. While BSE Sensex lost about 50 points NSE Nifty lost nearly 12 points, just shy of 8700 mark, amidst a volatile trading session. Indian markets traded on the right side of the investor sentiment as ECB announced it's starting of the bond purchase program, however, profit booking weighed on the equities. S&P BSE Midcap and S&P BSE Smallcap underperformed the markets as it lost 0.4% and 0.2%, respectively.
Commodities have been trading narrowly. Gold price per 10 grams declined 0.3% or Rs 86 and is trading around Rs 25,800 levels while silver is trading near Rs 35,600. Crude oil price fell Rs 3 and is trading at Rs 3,060 per barrel. The value of Indian rupee increased marginally by 0.03 or 0.05% to Rs 62.79 against the U.S. Dollar.
European equity markets continue to show more strength as ECB had announced its starting of the bond purchase program. DAX, FTSE and CAC have bolstered gains during the second half of the trading session and are up by 1.5% each.
In what could come as a jolt to MTNL shareholders, the Government has decided to shut down 5 PSUs which are considered as sick units. These include 3 HMT units, MTNL and Hindustan Shipyard. Apart from these five companies, there are 65 more which the Government is considering to shut down. Following such news, shares of MTNL tanked 19% on fears that the company might be completely shut down and become un-operational. Telecom companies have rallied since the spectrum auction began with Airtel minting the most of the lot.
According to leading financial sources, India may soon start exporting basmati rice. Last year, the export had to be stopped because of excess supply. India had exported 2.57 million tonnes of basmati rice for 3 quarters ending December last year. The volume of export was recorded down 6% on a YoY basis. Following such news, shares of KRBL jumped over 7%.