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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian markets fall amid Chinese woes 
(Wed, 8 Jul 11:30 am) 
 
Indian stock markets have reacted negatively to Chinese stock market meltdown. The Shanghai index tumbled over 8% as additional government moves failed to shore up the Chinese market.

The BSE-Sensex is trading down by 361 points (1.58%) and the NSE-Nifty is trading down by 102 points (1.21%). The BSE Mid Cap index is trading down by 150 points (1.37%), while the BSE Small Cap index is trading down by 109 points (0.95%). The rupee is trading at 63.53 to the US dollar. Gold and Silver are trading at Rs 25,2957 per 10 grams & Rs 34,409 per kilogram respectively.

Stocks in the Power sector are trading on a negative note with Jaiprakash Power and Reliance Infra leading the losers. According to ICRA, the recent bid for coal blocks that were earlier de-allocated saw negative price bids ranging from 300-1,100 per tonne by winners. This could lead to an underrecovery of 40 paise to 1.20 per unit of power, creating concerns over their viability. The report said that almost 35,000 MW of projects have seen cost over-run of 35% due to delays in land acquisition, lack of fuel and other problems. There have been no new long term power purchase agreements (PPAs) between the power generation and state electricity boards (SEB) due to the dismal state of SEBs. This has added to the problems which are already persisting in the power sector.

Stocks in the banking sector are trading on a negative note with Union Bank and Oriental Bank of Commerce leading the losers. State Bank of India (SBI), the country's largest lender, has delayed plans for a US$ 1.5 bn bond offering. The delay has been because of uncertainty which is prevailing over Greece crisis. SBI has stated that it is waiting for stability to return to the market. The bank was planning to begin road shows for fund raising abroad. They have taken global merchant bankers such as Citi, Barclays and Standard Chartered for the proposed offering. In April, the bank had raised US$ 1.25 bn through five year bond, priced at 2.05% more as compared to US treasuries. SBI is trading down by 1.76%.

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