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Engg stocks lead the decline
Mon, 16 Mar Closing

Indian markets ended today's day with moderate losses. Markets hopped in between small gains and declines throughout the day but due to constant selling pressure, ended the day in the red. BSE-Sensex lost about 65 points while NSE-Nifty lost about 15 points. Among sectoral indices, capital goods and metals lost the maximum while IT and pharma stocks balanced the losses with some gains.

The S&P BSE Midcap and S&P BSE Smallcap indices were volatile during today's trading session. While the midcap index lost 0.3%, the smallcap index lost about 0.9%. Commodities, continued to face selling pressure. Gold prices, per 10 grams declined about 0.2% or Rs 50 and is trading at Rs 25,830 while Silver prices pared early gains is trading with small profits. Silver prices, per kilogram, gained Rs 70 or 0.2% and is trading at Rs 35,600 levels. The Indian rupee against the U.S. Dollar declined 0.2% or 0.15 and is trading at Rs 62.82.

European markets gained on the back of ECB decision of initiating the bond-purchase program early this month. The European indices DAX, CAC and FTSE are trading with robust gains of 1%, 0.9% and 0.5% respectively.

The consumer durables sector registered gains of about 0.4%. However, Blue Star closed today session with 0.8% losses after gaining earlier in the day. The company has announced that it would be shifting one of its arms in to a wholly-owned subsidiary. The company's business arm named Professional Electronics & Industrial Systems (PE&IS) will be shifted to Blue Start Engineering & Electronics. This transition would be valued at Rs 1.1 billion. The transition is expected to churn more revenues for PE&IS. Revenues for the arm for financial year 2013-14 stood at Rs 1.22 billion.

Although IT was today's biggest gainer, Persistent systems lost over 5% during today's trading session. Investor confidence towards the company was shaken after the software firm provided guidance below the investors' expectation. The company informed its shareholders that the company's dollar revenue might be impacted in fiscal 2015 as its one of the biggest customers had changed its business. The company further said that margins might also be hit owing to fall in the dollar income. However, the company is optimistic about its opportunities and market positioning in fiscal 2016.

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Mar 2, 2021 03:36 PM