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?  

Autos drag the markets
Wed, 23 Mar 09:30 am

Asian stock markets have opened the day on a mixed note. On one hand, benchmark indices in China (up 0.8%), Singapore (up 0.5%) and Indonesia (up 0.3%) are trading in the positive. On the other hand, markets in Japan (down 1.1%) and Hong Kong (down 0.2%) are trading in the red. The Indian stock markets have opened the day on a negative note. Stocks in the auto and IT sectors are the biggest losers.

The BSE-Sensex is trading lower by around 15 points (0.1%), while the NSE-Nifty is down by around 5 points (0.1%). Midcap and small cap stocks are however, trading in the positive, with the BSE Midcap and BSE Small cap indices up by about 0.3% each. The rupee is trading at 45.02 to the US dollar.

Auto stocks have started the day on a weak note with Mahindra & Mahindra, Maruti Suzuki, and Tata Motors leading the losers' pack. Mahindra & Mahindra (M&M), the leading tractor manufacturer, will set up a tractor manufacturing unit at its existing facility at Zaheerabad in the Telangana region of Andhra Pradesh. The company will invest Rs 3 bn on the tractor manufacturing facility over the next three years. The proposed facility is intended to manufacture 90,000 tractor units per year and also 3 and 4-wheeler commercial vehicles. It will provide direct employment to about 2,000 people and indirect employment to another 5,000. This will give a major boost to industrialization in the backward region of Telangana.

M&M has not sought any new land for its new facility. It would utilise the vacant land at its existing unit which is spread over 343 acres at Zaheerabad. Here, it currently manufactures its products like UV (Maxx), 3-wheelers (Champion Alfa), Light Commercial Vehicles and buses. The state government has agreed in principle to consider 100% reimbursement of VAT for 10 years from the date of commencement of production. The state government will also recommend to the central government allocation of natural gas for M&M's project on a priority basis.

Steel stocks have opened the day on a positive note with Bhushan Steel, SAIL, and JSW Steel trading in the green. However, Tata Steel is currently witnessing selling pressure. Tata Steel is all set to celebrate a better FY12 (financial year ending on 31st March 2012). This is on the back of better expectations of the volumes for the year. The company expects volumes to touch 10 m tones by the end of March 2012. As per the company's management, volumes and consequently financials would be boosted by the start of the greenfield project at Orissa, better earnings in Europe and by better raw material access. As a result, the company plans to raise funds to fuel this growth. The company has already earmarked the launch of perpetual bonds of Rs 150 bn. It plans to raise more funds through other hybrid corporate security issues. These funds would be used for funding the company's attractive pipeline of Greenfield projects, downstream projects as well as for coal projects abroad. The company's management expects the year 2012 to be good in financial terms due to the expected rise in the steel prices. The company's margins have been under pressure in recent times due to higher raw material prices.

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 "Autos drag the markets". Click here!

  

Stock Market Updates

Bloodbath on Dalal Street: 6 Reasons Why Sensex Nosedived 1,939 Points Today (Today's Market)

Feb 26, 2021 Closing

Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

View More Indian Share Market 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.

Intraday Trading for a Living(Fast Profits Daily)

Feb 15, 2021

In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.

Top 5 Stocks Mutual Funds Bought and Sold in January 2021(Sector Info)

Feb 16, 2021

A look at what India's top equity mutual funds bought and sold in January 2021.

I Would Recommend this Small-cap Stock Over Tesla(Profit Hunter)

Feb 16, 2021

Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.

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 SENSEX


Feb 26, 2021 (Close)

MARKET STATS