Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

Stock markets continue to slide
Thu, 23 May 01:30 pm

On the back of persistent selling pressure, Indian equity markets continued to slide further into the red in the post noon trading session. All the sectoral indices are trading in the negative territory, with stocks from the realty and capital goods sectors witnessing highest selling pressure.

BSE-Sensex is down by 296 points and NSE-Nifty is trading down by 106 points. While BSE Mid Cap is trading down by 1.89%, BSE Small Cap index is trading down by 1.87%. The rupee is trading at 55.83 to the US dollar.

Automobile stocks are trading in the red with Escorts and Maruti Suzuki being the leading losers. As per a financial daily, Mahindra and Mahindra (M&M) group company Ssangyong Motor has announced that the company has received full payment for new preferential shares allotted to its majority shareholders of M&M group. The total amount received is KRW (South Korean Won) 80 bn and the paid up capital was completed accordingly. This would increase the paid up capital and these new shares will be locked up for one year. After this, M&M's shareholding in Ssangyong motor will increase to 72.8% from 69.6% earlier. Ssangyong Motor had decided to make a third party preferential offer to Mahindra during February in order to secure more funds for new products. Other than the aforesaid mentioned amount of KRW 80 bn paid up capital, M&M will also roll over corporate bonds worth KRW 95.4 bn. This would be additional source of finance for Ssangyong Motor. M&M was trading down by 3%.

Majority of the software stocks are trading in the negative territory with Moser Baer India and Mphasis Ltd leading the pack of losers. As per a leading financial daily, according to the agreement with Federal Bank, Tata Consultancy services (TCS) will be setting up ATMs at Passport Seva Kendras (PSKs). As per the agreement, 12 ATMs will be set up in various parts of the country. The tie-up with TCS would help the bank to avail value added service. TCS was trading up by 0.12%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Stock markets continue to slide". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.