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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Realty stocks bear the brunt 
(Fri, 8 Aug Closing) 
 
The Indian equity markets continued to languish in the red towards the final hours of trade, thus closing on a weak note. While the BSE Sensex today closed lower by 260 points, the NSE-Nifty closed lower by 80 points. Midcaps and Smallcaps bore the brunt of the selling pressure. While the BSE Mid Cap index closed lower by 2%, the BSE Small Cap index closed the day lower by 2.1%. Realty and metal stocks were the biggest losers today.

As regards global markets, Asian indices closed on a negative note today, with the Japanese and Korean markets seeing the biggest declines. The rupee was trading at Rs 61.55 to the dollar at the time of writing.

Energy stocks have ended the day on a weak note. IOC and HPCL closed the day with the biggest declines. As per a leading business daily, BPCL is planning to substantially ramp up the capacity of its refinery at Numaligarh in Assam's Golaghat district from 3 mtpa to 9 mtpa. It is planning to commit a capital expenditure of Rs 166 bn for this purpose. The project would include laying a 1,350 km pipeline to bring in the crude oil from a port on the eastern coast of the country. While the refinery expansion itself is expected to cost about Rs 88 bn, the remaining investment would to go into laying the pipeline and other associated facilities.

Power stocks have ended the day on a weak note. Jaiprakash Power and Torrent Power were the biggest losers. NTPC may have to shut down 7-8 plants across the country after the implementation of the new tariff norms. It may be noted that the regulator changed the tariff and incentive structure from April this year. Due to a change in this structure, some plants will not be economically viable for NTPC and hence will have to be shut down. In fact, the company also had to take a hit of Rs 7 bn in 1QFY15 because of change in norms. Management stated that these new norms should not be implemented on old plants as it can have serious consequences on its finances. If 7-8 plants are indeed shut down due to economic viability the power deficit situation may worsen further.

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Apr 28, 2017 (Close)

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