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Indian stock markets bleed
Wed, 8 Jul 01:30 pm

After opening the day in the red, the Indian Indices extended their losses in the post noon trading session. Most of the sectoral indices are trading on a mixed note with stocks from the mining and auto sectors bearing the maximum burnt.

The BSE-Sensex is trading down 512 points (down 1.8%) and the NSE-Nifty is trading down 156 points (down 1.8%). The BSE Mid Cap index is trading down by 1.5% while the BSE Small Cap index is trading lower by 1.4%. On commodity front, gold prices, per 10 grams are trading at Rs 25,931 levels. Silver per kilogram is available at Rs 34,259 levels. Crude oil is trading in red with a loss of 0.3% or Rs 9 and is trading at Rs 3,297 per barrel. At the time of writing, the rupee stood at 63.60 to the US dollar.

Majority of stocks in the engineering sector are trading on a negative note with Manugraph India and Bharat Bijlee witnessing maximum selling pressure. As per financial times, stock of Titagarh Wagons Ltd, second largest freight manufacturer in India, is witnessing buying interest after the company bagged the defense production license. The company today announced that it has received an industrial license for manufacturing defense items under the Industries Act, 1951. On a separate note, the bid by the company for acquisition of European railway rolling stock manufacturing company has been accepted by the competent authorities. Stock of Titagarh Wagons is trading up nearly 3%.

As per a leading financial daily, stock of Crompton Greaves surged almost 4% in the morning trade after the company announced that it has signed a global supply agreement with cement major Lafarge for electrical motors. The company, for decades, has been providing the cement industry with electronic motors for various applications including unique construction of slip-ring, twin drive slip-ring and double squirrel cage motors. The company stated that this agreement is a perfect fit for both the companies to leverage the growing demand in infrastructure over the world. Further, last week, the company had also bagged orders to set up two power sub-stations overseas. Currently the stock of Crompton Greaves is trading up by 2.3%.

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