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Indian share markets remain weak
Fri, 17 May 01:30 pm

Indian share markets continued to languish below the dotted line in the post-noon trading session. The sectoral indices are trading mixed with realty, power and capital goods stocks being the major gainers whereas consumer durables, pharma and metal are the principal losers.

BSE-Sensex is down 41 points and NSE-Nifty is trading down 12 points. BSE Mid Cap Cap is trading marginally up whereas BSE Small Cap index is trading flat. The rupee is trading at 54.8 to the US dollar.

Automobile stocks are trading mixed, with Escorts and Force Motors being the biggest gainers whereas Hero MotoCorp and Maruti Suzuki are major losers. As per a leading financial daily, Maruti Suzuki has urged the government to keep automobiles out of the proposed Free Trade Agreement (FTA) between India and the European Union (EU) as it can impact job creation and economic growth of the country. India and the EU have been negotiating a Trade & Investment Agreement since June 2007 but a consensus has not been reached till now. The EU has been demanding significant duty cuts in the automobile sector under the FTA. Maruti feels that the trade policy should encourage investment and not imports. The duty cut demand has also been strongly opposed by the Society of Indian Automobile Manufacturers (SIAM).

Both PSU banking stocks and private banking stocks are trading mixed. As per a leading financial daily, many Indian banks have been alleged to violate KYC norms (Know Your Customer). Thus the RBI (Reserve Bank of India) and government might hike the penalty to be imposed on such banks who are involved in wrong doing activities. As per the banking secretary Rajiv Takru, the maximum penalty under the law is Rs 1 crore or less and there is an active discussion on increasing this limit. The regulator has already sent show-cause notices to the erring banks and is awaiting reply from their side. However by what amount RBI will hike the penalty is still not specified. Takru referred to the exposition done by Cobrapost and thus punishable actions are on way for these faulty banks. Cobrapost had conducted two sting operations; one was done for various private banks and another sting operation had been done for various state owned banks and insurance companies.

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