After opening the day in the red, the Indian Indices continued to witness heavy selling pressure and are currently trading deep in the red. Apart from IT all sectoral indices are trading on a negative note with engineering, auto and banking stocks leading the losers.
The BSE-Sensex is trading lower 382 points (down 1.4%) and the NSE-Nifty is trading down 116 points (down 1.4%). The S&P BSE Midcap index is trading and the S&P BSE Smallcap index are also trading negatively, down by 1.4% and 1.5% respectively. The rupee is trading at 65.84 to the US dollar.
Stocks in the power sector are trading on a negative note with KSK Energy and PTC India Ltd bearing the maximum burnt. According to financial times, NTPC the largest power generating company in India, has sought shareholder's approval to raise Rs 50 bn through issuance of bonds or debentures on a private placement basis. The same would be carried in one or more tranches in domestic markets. For the said purpose, the company is going to pass a special resolution in its Annual General Meeting (AGM) on September 18. Scrip of the company is currently trading down by about 2%.
Automobile stocks are also witnessing selling pressure with Tata Motors and Hero Motocorp leading the losers. As per an article in Economic Times, Maruti Suzuki, India's largest car maker, has increased prices across various models in the range of Rs 3,000 to Rs 9,000, except the newly launched S cross. This is the first time in 22 months the company has done so. This revision was on the back of changes in dealer margin and a minor calibration in prices. It was effective from 11th August and was communicated to the dealers on the same day. Stock of Maruti Suzuki is presently trading down by about 1%.