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Metal & PSU stocks bear the brunt
Tue, 11 Aug Closing

Indian equity markets lost further momentum in the afternoon session and closed on a weak note on the back of heavy selling in metal, PSU, auto and banking stocks amid weak European cues. While, <>BSE Sensex lost steam and closed down sharply by 236 points, the NSE-Nifty too was seen down by 59 points. Midcaps and Small caps weren't spared either. The BSE Mid Cap was down by 0.5%, while BSE Small Cap was down by 1.1%. IT stocks ended the day with moderate gains.

Asian markets finished lower today with shares in Japan leading the region. The Nikkei 225 is down 0.42%, while Hong Kong's Hang Seng is off 0.09% and China's Shanghai Composite is lower by 0.01%. European shares retreated in early trade. The rupee was trading at 64.17 against the US$ in the afternoon session.

According to a leading financial daily, Maruti Suzuki India is planning to increase its dealership network of premium channel 'Nexa'. The company is aiming to open 100 new Nexa stores mainly in metro cities and tier-II cities by the end of current financial year (2015-16). Currently, 30 Nexa stores are operational in 23 cities across India. Maruti Suzuki will add stores in 30 more cities across the country increasing the number of Nexa channel to 100 by March 2016. The company launched Nexa in late July this year and within a short span of time the network has spread across 23 cities in the country. The scrip of Maruti Suzuki ended the trading day on a flat note.

Power stocks languished in the red today with Jaiprakash Power and KSK Energy bearing majority of the brunt. <>Power Grid Corporation of India has reported results for first quarter ended June 30, 2015. The company reported a 20.2% rise in its June quarter standalone net profit at Rs 13.6 bn, helped by higher income from operations. The company's net profit in the corresponding quarter last fiscal stood at Rs 11.3 bn. Total income from operations during the quarter under review increased by 19.6% to Rs 47.17 bn as against Rs 39.41 bn in the same period a year ago. Revenue from the transmission business increased to Rs 45.4 bn, against Rs 38.1 bn in the year-ago quarter. Shares of Power Grid ended the day down by 0.2% on the BSE.

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