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Broad based selling hits markets
Mon, 7 Apr 11:30 am

After opening firm, the Indian Indices have fallen well below the dotted line in the morning session. The selling pressure is highest metal and pharma stocks.

The BSE Sensex is trading down 80 points and the NSE-Nifty is trading down 25 points. The BSE Mid Cap index is trading down 0.6% and the BSE Small Cap index is trading down 0.3%. The rupee is trading at 60.04 to the US dollar.

As per news reports, India's largest telecom firm Bharti Airtel, is looking to tap overseas bond markets yet again to reduce the interest cost on its debt. The issue size is expected to be around US$ 400 m and would be finalized later this month. This is part of the company's ongoing plan of raising US$ 2 bn to refinance its existing debt. It must be noted that Bharti had raised US$ 400 m just last month in Swiss currency and Euro 250 m in January. The company has not issued any further details about this latest round of fund raising. Bharti Airtel is trading down 0.2% today.

Engineering Stocks are trading mixed today. Suzlon Energy and Welspun Corp are trading negative today; while Bharat Heavy Electricals Ltd and Elgi Equipments are leading the gainers. According to a leading business daily, Voltas is expecting good traction in Air Conditioner (AC) sales as the company has launched a new range of models which confirm with the new energy efficiency norms. The management said that this will offer their customer a wide choice of new power saving models. Since AC penetration levels are still low in India, most of the AC makers are of the view that the delayed summer would not be a hindrance in AC sales. AC segment comprises over 30% of Voltas' total revenues. Voltas is trading 2.6% down today.

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