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Selling pressure intensifies
Fri, 19 Aug 01:30 pm

Indian stock market indices slid further over the past two hours of trade on the back of persistent selling across index heavyweights. All sectoral indices are trading in the red with maximum losses being seen in IT and capital goods stocks.

The BSE- Sensex is down by 408 points and NSE- Nifty is down by 128 points. BSE Midcap and BSE Small cap indices are down by 2.3% and 2.6% respectively. The rupee is trading at 46.01 to the US dollar.

Realty sector has been trading in the red with PVP Ventures and IVRCL Assets & Holdings leading the pack of losers. As per a leading financial daily, DLF may be burdened with extra penalty of Rs 9 bn if the Competition Commission of India (CCI) finds it guilty of abusing its dominant market share in three more projects in Gurgaon. Earlier, CCI had slapped a Rs 6.3 bn fine on the company for unfair practices at its Belaire project in Gurgaon. The regulator is now investigating charges of market dominance and anti-competitive practices in three other projects. As per officials, apart from DLF, about 10 - 11 such cases were under investigation by CCI that involved other real estate players. It is expected that after real estate companies, it could be the turn of cement companies next to be in the regulator's line of fire on account of abusing dominant market positions. The stock of DLF has been trading in the red.

Power sector has been trading in the red in the last two hours of the trade, with maximum losses borne by PTC India Ltd. and Torrent Power Ltd. The country's ambitious power generation programmes could take a hit on account of coal shortage. As per the parliamentary panel, the availability of coal for power plants that were designed to run on domestic coal would be at a mere 417.5 MT in the current fiscal, as against the requirement of 480 MT. Out of this, Coal India will be now be supplying 319 MT versus an earlier estimate of 360 MT. As per the Standing Committee on Energy, this is expected to impact new capacity addition plans to the tune of 15,000 MW in the current fiscal. For FY12, the capacity addition target has been set at 17,600 MW. This includes 2,000 MW of nuclear power generation. But such targets are at risk on account of fuel availability constraints and environmental hurdles. The stock of Coal India has been trading in the green.

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