Asian stock markets have opened the week on a weak note. Markets in Japan (down 2.6%), Singapore (down 1.7%) and South Korea (down 1.7%) are leading the losses in the region. The Indian stock markets have opened the day on a negative note as well. Stocks in the banking and realty sectors are witnessing maximum losses.
The BSE-Sensex is down by around 242 points (1.4%), while the NSE-Nifty is down by around 74 points (1.5%). Mid and small cap stocks are trading in the red as well with the BSE Mid cap and BSE Small cap indices down by around 1.6% and 1.2% respectively. The rupee is trading at Rs 53.59 to the US dollar.
Textile stocks have opened the day on a negative note with Eastern Silk Industries, Pioneer Embroideries and Grasim Industries leading the pack of losers. Aditya Birla Group controlled Grasim Industries has announced its results for the quarter and financial year ended March 2012. During the quarter (4QFY12), the company's standalone net sales stood at about Rs 13.9 bn, witnessing a marginal decline of 2.6% year-on-year (YoY). Operating profits declined by 53.3% YoY to almost Rs 2.2 bn. as all cost heads witnessed upward pressure. There was some relief on account of 27.5% YoY rise in other income which stood at Rs 1.5 bn during 4QFY12. Interest expenses and depreciation charges declined by 44.7% YoY and 12.6% YoY, respectively. At the bottom-line level, net profit dropped by 38.4% YoY to Rs 2.4 bn during the quarter. During the full financial year (FY12), while sales grew by 7.3% YoY, net profits remained almost flat.
Engineering stocks have opened the day on a negative as well with Jain Irrigation, Jyoti Structures and Cummins India leading the losses. India's largest engine supplier for three-wheelers, Greaves Cotton, plans to diversify. The company plans to manufacture diesel engines for both the passenger cars as well as for light, medium and heavy trucks. The company's Managing Director has stated that they have approached several passenger car manufacturers for this and plan to enter the space in a big way in the next three to four years' time. Currently, the demand for diesel powered passenger cars is hovering at its all time high. This is largely on account of the huge differential in the prices of petrol and diesel. Several international companies like Suzuki, Hyundai as well as Honda are all getting into the compact diesel engine segment.
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...
TORRENT POWER share price is trading up by 5% and its current market price is Rs 429. The BSE POWER is up by 0.6%. The top gainers in the BSE POWER Index are TORRENT POWER (up 5.2%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.7%) and NTPC (down 1.2%).
DILIP BUILDCON share price is trading up by 8% and its current market price is Rs 719. The BSE CAPITAL GOODS is down by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are DILIP BUILDCON (up 8.5%) and BHEL (up 6.5%). The top losers are CARBORUNDUM UNIVERSAL (down 0.1%) and HINDUSTAN AERO. (down 1.8%).
BALRAMPUR CHINI share price is trading up by 10% and its current market price is Rs 213. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are BALRAMPUR CHINI (up 10.3%) and BALMER LAWRIE (up 13.6%). The top losers are DIVIS LABORATORIES and PIDILITE INDUSTRIES .
INDIAN ENERGY EXCHANGE share price is trading up by 7% and its current market price is Rs 319. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are INDIAN ENERGY EXCHANGE (up 6.6%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.5%) and NTPC (down 0.8%).
ITD CEMENTATION INDIA share price is trading up by 8% and its current market price is Rs 93. The BSE REALTY is up by 0.3%. The top gainers in the BSE REALTY Index are ITD CEMENTATION INDIA (up 8.5%) and INDIABULLS REAL EST (up 10.3%). The top losers are PRESTIGE ESTATES and GODREJ PROPERTIES (down 0.2%).
BSE Sensex is trading down by 385 points, while the NSE Nifty is trading down by 103 points.
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll show you how to get started on the path to daily trading profits.
In this episode, ace trader Brijesh Bhatia talks to us about the best investments of 2021, his profitable trading system, and much more.
An Indian company founded three decades ago in a garage caught my attention...
More
Equitymaster requests your view! Post a comment on "Banks drag down Indian stock markets". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!