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Indian stock markets bleed
Thu, 4 Jun 01:30 pm

After opening the day in red, the Indian share markets extended losses in the post-noon trading session. Sectoral indices are trading mixed with banking and mining bearing the maximum burnt. Software stocks are witnessing buying interest.

BSE-Sensex is down 199 points (0.7%) and NSE-Nifty is trading 50 points down (0.6%). BSE Mid Cap is trading lower by 0.5% and BSE Small Cap index is trading down by 0.6%. Gold, per 10 grams, is trading at Rs 26,760 levels. Silver, per kilogram, is trading at Rs 37,861 levels. Crude oil is trading at Rs 3,822 per barrel. The rupee is trading at 64.13 to the US dollar.

Stocks in the banking sector are witnessing mixed activity with ICICI Bank and Dhanlaxmi Bank leading the losses. Stock of Axis Bank is witnessing buying interest as the Reserve Bank of India (RBI) today lifted the restrictions placed on the purchase of shares of the bank by foreign investors. This allowance was granted because of the total shareholding of FIIs (foreign institutional investors) /RFPIs (Registered Foreign Portfolio Investors) in the bank has gone below the threshold limit. As per the data, for the quarter ended March 2015, FIIs held 46.64% in Axis Bank. Currently Axis Bank is trading at 553 levels, up 0.4%.

Telecom stocks today are also trading mixed with Himachal Futuristic and AGC Networks witnessing maximum selling pressure. Bharti Airtel, the largest wireless service provider in India, has approached the global debt market to fund its capex (capital expenditure). The company on Wednesday entered the global bond market to raise $1 bn through a 10-year bond sale programme. For this deal the company has appointed six merchant bankers, which include Bank of America-Merrill Lynch, Barclays, Deutsche Bank, HSBC and Standard Chartered among others. For the quarter ended March 2015, the company had posted a 31% rise in net profit while its African business continued to witness losses. At the time of writing, the stock of Bharti Airtel was trading down nearly 0.9%.

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