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Markets end day on a weak note
Wed, 18 Mar Closing

Indian markets opened today's trading on a flattish tone, however, finished with moderate losses as selling pressure on a couple of sectors weighed on the markets. Additionally, investors are focused towards the outcome of the 2-day Federal Reserve meet. BSE-Sensex and NSE-Nifty lost about 0.35% and 0.4% respectively. Capital Goods companies were the maximum losers while Banking stocks were the biggest gainers. IT stocks, too, fell for the second consecutive day. S&P BSE Midcap and S&P BSE Smallcap companies outperformed the market. The midcap and smallcap indices gained moderately by 0.2% each.

Gold prices and silver prices are trading with modest losses. While gold prices, per 10 gram, fell 0.13% or Rs 30; silver prices fell 0.4% or Rs 123. Gold prices and silver prices stood at Rs 25,550 and Rs 35,250 levels. The value of Indian rupee against the U.S. Dollar stayed flat as investors look towards clarity on the interest rates. Indian rupee increased slightly by 0.03% or 0.02 at Rs 62.72 against the U.S Dollar. Crude oil price have fallen over 15% in last few trading sessions. Crude oil prices tanked nearly 4% and per barrel is trading at Rs 2660.

European stocks continue to trade mixed as the dollar currency stood stable ahead of the Fed meet. This prompted some equity markets to gains. Shares of the German Stock exchange for by above 1% on the third consecutive day while French stock exchange fell by 0.4%. FTSE, however, is trading with 0.6% gains.

Capital goods were the leading losers in today's session. Shares of KPIT Cummins fell nearly 1.8% after the company announced that it plans to hire 500 engineers for its global research facility in Pune. The company further said it would be investing nearly Rs 10 bn in this facility which is likely to conclude by next year. The work force comprises of 1500 engineers and the company plans to take the figure to 2000 engineers. The company plans to place nearly 80% of their engineers in the work that would involve R&D, futuristic technology and global work. Currently the company has a workforce of 9700 employee located within 17 plants.

Share price of BHEL fell over 2% today. As per a leading business daily, the government has created a list of PSUs which would be divested in the next financial year. The list starts with BHEL. The total divestment is expected to be Rs 410 bn the next fiscal. Currently the government has a 63.06% stake in BHEL. In March 2014, the government had sold 4.66% stake to LIC for Rs 18 bn.

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Jan 22, 2018 (Close)