Heavy selling across sectors led the Indian stock markets to fall further in to the negative territory during the previous two hours of trade. All sectoral stocks are trading in the red led by realty and metal stocks. Small caps stocks are the biggest losers.
The BSE-Sensex is trading down by 340 points and the NSE-Nifty is trading down by 102 points. The BSE Mid Cap index is trading lower 2.4% and the BSE Small Cap index is trading lower 2.6% today. The rupee is trading at 61.41 to the US dollar.
Most finance stocks are trading in the red led by Edelweiss Financial and Srei Infrastructure. As per a leading business daily, India's largest mortgage lender HDFC has reported its plan to foray in to the education sector. For this it has launched its flagship, The HDFC School in Gurgaon which is being set up by a trust, while the school's management services will be provided by HDFC wholly owned education division, HDFC Education and Development Services. The school which will offer class till 12th will follow CBSE (Central Board of Secondary Education) curriculum. The school will start accepting admission for academic year 2015-16 from Nursery to 3rd. As per the company it has entered into the vertical with a long term vision to provide school management and other allied services apart from the set up. The company, as of yet, has not divulged financial details with respect to investment in to the vertical and breakeven. HDFC is already into financing education sector through its subsidiary, Credila Financial Services wherein it offers education loans. HDFC stock is down by 0.6% today.
All mining stocks are trading in the red. Losers are being led by MMTC and Sesa Sterlite. As per a leading business daily, the coal ministry is considering the report on restructuring of Coal India. The report has been submitted by consultant Deloitte for suggesting possible restructuring of Coal India. The company at present produces about 80% of domestic coal production and has failed to meet its production target numerous times. There has been rapidly increasing demand for coal. Earlier, the ministry has said it won't be splitting the company, but will smoothen it to improve the performance. In FY14, the company produced 462 m tonnes of coal as compared to set target of 482 m tonnes. The stock is trading down by 2.7% today.