Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Downslide in Indian markets continues
Wed, 31 Jul 01:30 pm

Backed by persistent selling activity, Indian equity markets continued to trade weak during the post noon trading session. Barring stocks from the IT sector, all the sectoral indicies are trading in the red. Stocks from the realty and banking sectors are witnessing maximum selling pressure.

BSE-Sensex is down by 143 points and NSE-Nifty is trading down by 66 points. While BSE Mid Cap is trading down by 2.2%, BSE Small Cap index is trading down by 1.9%. The rupee is trading at 61.06 to the US dollar.

Telecom stocks are trading mixed, with Bharti Airtel and Idea Cellular leading among gainers while ITI and Himachal Futuristic are the leading losers. Bharti Airtel has announced June 2013 quarter results. The company has reported a 9.3% YoY increase in total revenues. Mobile subscriber base in India grew by 2% YoY, while total count of subscribers stood at around 190.9 m at the end of June 2013. Total subscriber base on the network (including South Asia and African operations) grew by 5% YoY during the quarter. Operating margins improved by 2.7% YoY to 32.2%. The positive effect of operating margins was mitigated by the increase in interest costs as well as higher tax outflow. There was an exceptional gain on account of the merger between Bharti Infratel Ventures Ltd (BIVL) and Indus Towers. However, the effect of this too was negated by the increase in taxes and minority interest, which was again related to the same merger. As a result net profits declined by 9.6% YoY. Excluding the exceptional items, net profits declined by around 7% YoY. Bharti Airtel was trading up by 5.2%.

Most of the mining stocks are trading in the red with Gujarat NRE Coke and Metals and Minerals Trading Corporation of India Ltd. (MMTC) being the biggest losers. Only Coal India is trading in the green. As per a leading financial daily, the Mines Ministry has demanded a cut in iron ore export tax. The government in 2011 had raised the export tax on iron ore from 20% to 30% to increase the supply of iron ore in the domestic markets. However, higher taxes as well as ban on shipment in major iron ore producing states of Karnataka and Goa have adversely impacted iron ore exports.

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

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Downslide in Indian markets continues". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Mar 21, 2018 (Close)