Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

No respite from selling pressure
Thu, 20 Mar Closing

The Indian equity markets languished in the red for the larger part of the trading session today. The markets began the day's proceedings on a weak note, and while there were attempts made to push towards the dotted line, these proved futile. Selling activity persisted in the final trading hour as well and the indices closed well into the red. While the BSE Sensex today closed lower by 93 points, the NSE-Nifty closed lower by 41 points. While the BSE Mid Cap closed marginally lower, the BSE Small Cap closed flat. Losses were largely seen in banking and auto stocks.

As regards global markets, Asian indices closed weak today while European indices have also opened in the red. The rupee was trading at Rs 61.23 to the dollar at the time of writing.

Most auto stocks closed in the red today with the key losers being Tata Motors, Maruti Suzuki and Mahindra & Mahindra (M&M). As per a leading business daily, Mahindra & Mahindra (M&M) has gained the upper hand in a lawsuit with US auto dealers. The plaintiffs who brought the suit represented all dealers which had entered into agreement with Global Vehicles USA for selling M&M vehicles in the US. Global Vehicles was a former distributor of M&M. The plaintiffs accused M&M of fraud and misrepresentation which was denied by M&M. The US court denied the plaintiffs class certification. Under class certification, the group of dealers would have been allowed to sue M&M jointly. But now that the court has dismissed this certification, it means that dealer claims will need to be resolved on a case to case basis. M&M had planned to launch its pick-up trucks in the US in early 2009. However, there was a delay due to regulatory issues. Most of the deadlines since then were not met as well.

As per a leading business daily, as part of the Rs 173 bn expansion at SAIL's Bhilai Steel Plant (BSP), a new sinter machine installed at a cost of around Rs 7.3 bn was operationalised. The new machine will produce 3.7 million tonne (MT) sinter per annum to meet the requirement of a new blast furnace coming up at the plant. This is in addition to meeting the need of the existing furnaces. Besides the sinter machine, there are various new modernized facilities coming up at the plant and these are expected to increase production capacity to 7.5 m tonne per annum (MTPA) of hot metal from the current level of around 5 MTPA. This is part of the total outlay of Rs 720 bn for expansion of SAIL's hot metal capacity to 23.5 MTPA from the present level of 14.2 MTPA. It must be noted that in 9mFY14, SAIL incurred capex of Rs 73.8 bn broadly on track to achieve its FY14 capex guidance of Rs 115 bn. The stock closed higher today.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "No respite from selling pressure". Click here!

  

Related Views on News

M&M Announces Quarterly Results (3QFY21); Net Profit Down 89.9% (Quarterly Result Update)

Feb 10, 2021 | Updated on Feb 10, 2021

For the quarter ended December 2020, M&M has posted a net profit of Rs 309 m (down 89.9% YoY). Sales on the other hand came in at Rs 142 bn (up 15.2% YoY). Read on for a complete analysis of M&M's quarterly results.

M&M 2019-20 Annual Report Analysis (Annual Result Update)

Dec 7, 2020 | Updated on Dec 7, 2020

Here's an analysis of the annual report of M&M for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of M&M. Also includes updates on the valuation of M&M.

M&M Announces Quarterly Results (1QFY21); Net Profit Down 95.2% (Quarterly Result Update)

Aug 7, 2020 | Updated on Aug 7, 2020

For the quarter ended June 2020, M&M has posted a net profit of Rs 1 bn (down 95.2% YoY). Sales on the other hand came in at Rs 56 bn (down 56.6% YoY). Read on for a complete analysis of M&M's quarterly results.

M&M 2018-19 Annual Report Analysis (Annual Result Update)

Jul 9, 2019 | Updated on Jul 9, 2019

Here's an analysis of the annual report of M&M for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of M&M. Also includes updates on the valuation of M&M.

More Views on News

Most Popular

It's the Beginning of a New Bull Phase in Smallcaps (Profit Hunter)

Feb 24, 2021

Last time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.

Make Rs 5,000 Per Day Trading the Market (Fast Profits Daily)

Feb 25, 2021

In this video, I'll show you how to get started on the path to daily trading profits.

I Believe the Investment of the Year Will Be...

Feb 19, 2021

In this episode, ace trader Brijesh Bhatia talks to us about the best investments of 2021, his profitable trading system, and much more.

The Hidden Tesla in My Great Indian Wealth Project (Profit Hunter)

Feb 23, 2021

An Indian company founded three decades ago in a garage caught my attention...

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE AUTO


Mar 3, 2021 (Close)

S&P BSE AUTO 5-YR ANALYSIS

COMPARE COMPANY

MARKET STATS