With any concerted effort towards breaking into the positive absent in the closing stages, benchmark indices in the Indian stock market closed the day in the negative. In the process, it also put an end to the two day winning streak. Thus, BSE-Sensex closed lower by around 115 points whereas losses on the NSE-Nifty came in at around 40 points. BSE Midcap and BSE Small cap indices were not spared either as both of them lost in the region of 0.7% today. On the Sensex, two stocks declined for every one that closed the day in the positive. Banking and auto heavyweights in particular exerted the maximum pressure on the index.
While most Asian stocks closed lower today, Europe too is trading in the red currently. Rupee was trading at Rs 45 to the dollar at the time of writing.
Titan Industries, one of India's largest watch and jewellery makers is looking to merge one of its wholly owned subsidiaries, Titan Properties with itself. This would be pursuant to a scheme of amalgamation filed with the Madras High Court. Titan Properties has achieved the objectives for which it was formed and has decided against undertaking further development activities and this is the reason it now wants to merge itself with the parent company. It should be noted that the company was incorporated to develop a township near Hosur for the employees of Titan Industries. Titan has a factory at Hosur that manufactures jewellery for Tanishq. If successful, this would be the second merger in a short span of time for the company as it merged the jewellery division Tanishq with itself in March this year. The stock of Titan closed flat on the bourses today.
Recently, we talked about how cement major ACC was able to post robust sales numbers for the month of May. However, it appears that this buoyancy has not rubbed off on other cement majors in the country. Atleast not on Ultratech and Ambuja Cements. As per reports, both these companies have witnessed a drop in despatches for the month of May over corresponding previous month. While Ultratech's despatches have suffered a fall of 4%, the same for Ambuja have come lower by 6.5%. As a result of this, most of the cement stocks closed weak today. Already, cement realisations are under pressure this fiscal on account of widening demand supply gap. With despatches also playing truant, it could well be a double whammy for the sector companies.