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Indian stock markets continue in red
Mon, 7 May 11:30 am

Indian stock market indices continue to trade weak over the last two hours of trade on back of heavy selling activity witnessed across industry heavyweights. realty and banking stocks witnessed maximum selling pressure.

The BSE-Sensex is down by 278 points, while the NSE-Nifty is down by 86 points. BSE Mid cap index and the BSE Small cap index are down by 1.52% and 1.14%. The rupee is trading at 53.35 to the US dollar.

Engineering stocks are trading weak led by Suzlon Energy and Thermax Limited. According to a leading financial daily, Larsen and Toubro (L&T) has selected Keolis SA of France as an O&M contractor for operating and maintaining the Hyderabad Metro Rail System (HMRS). L&T which was awarded the 71.16 km HMRS, has decided to involve Keolis during the formative stage of the project in order to take advantage of the French company's expertise in metro rail operations and maintenance. Keolis, a subsidiary of the SNCF Group, is a leading public transport operator in Europe, Australia and North America. The company is stated to be a pioneer in the operation of driverless metro. L&T has decided to execute the works in phases to partly operationalise the project even though the company had a mandate to complete it in five years.

Telecom stocks are trading in the red led by ITI Limited and Reliance Communications. According to a leading financial daily, Idea Cellular was the biggest beneficiary of the mobile number portability (MNP) as on March 31, 2012. Idea Cellular has added the maximum number of subscribers at (3.32 m) followed by Vodafone (2.89 m) and Airtel (1.21 m). Reliance Communication, Tata Teleservices and state run Bharat Petroleum Corporation Ltd. (BPCL) and Mahanagar Telephone Nigam Limited (MTNL) were the companies who massively lost out, as consumers ported out of their service. MNP service was introduced by the government in January 2011 to enable customers change their telecom service provider without changing their existing number.

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