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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Volatility mars Indian indices 
(Thu, 21 May Closing) 
 
Indian equity markets had a rather volatile trading session today. The indices began the day's proceedings on a positive note and subsequent trading hours saw them oscillate to either side with the indices eventually closing the day in the red. While the BSE-Sensex closed lower by 42 points, the NSE-Nifty closed flat. Both the S&P BSE Midcap (down 0.41%) and the S&P BSE Smallcap (down 0.1%) indices closed below the dotted line. Maximum buying interest was seen in Auto and Realty stocks. Metal stocks continued to trade in negative territory for second day running. FMCG and Oil & Gas sector witnessed majority of the profit booking.

Globally, European shares fell after data pointed to a mixed picture for the euro zone's economic recovery. Asian markets ended the trading day on a mixed note with stocks in Taiwan being the leading losers, while Japan's Nikkei hit a new 15 year high. The rupee was trading at 63.7 in the afternoon session versus the US dollar.

According to a leading financial daily, Vehicle maker Mahindra and Mahindra Ltd announced that it would be buying a 33% voting stake in the agricultural machinery-making unit of Mitsubishi Heavy Industries Ltd for US$25 million. Reportedly, the investments are being made through the issue of common shares and class A non-voting shares of Japan's Mitsubishi Agricultural Machinery Co Ltd, and the deal is expected to close by October 1. Mitsubishi Agricultural makes farm equipment such as tractors, power tillers, rice planters and combines harvesters for sale globally. It brought in about US$408 million in revenue for the fiscal year 2015. It is to be noted that Mahindra is the world's largest maker of tractors by volume and the deal would help both companies cut cost and improve their supply chain.

Auto Ancillary stocks ended the day deep in the red with Sundaram Clayton and Sona Koyo Steer leading the losses. Pune based forgings major Bharat Forge announced its fourth quarter results. The company reported the fourth quarter profit after tax at Rs 2.03 bn compared with Rs 1.18 bn in the same quarter previous year, representing a rise of 70% YoY. The rise was mainly due to lower depreciation and interest charges. The net sales from operations for the company rose to Rs 12.2 bn versus Rs 9.31 bn in the same quarter last fiscal, a growth of 31% YoY. The board recommended a final dividend of Rs. 4.50 per equity share of face value Rs 2. The company's expenditure increased 13% YoY. The script of Bharat Forge ended the day up by 0.6% on the BSE.

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S&P BSE AUTO


Jul 21, 2017 03:37 PM

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