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Markets end on a weak note
Wed, 26 Aug Closing

After witnessing volatility for the entire day, Indian stock markets ended the day in the red. BSE Sensex closed down by 317 points (1.2%), while NSE-Nifty closed lower by about 90 points (1.1%). BSE Mid Cap closed lower by 0.8%, while BSE Small Cap index ended marginally higher. Among sectoral indices engineering stocks were leading the gains, while auto and telecom stocks were leading the losses.

Automobile stocks have ended the day on a mixed note with Force Motors and Hero Motocorp leading the losers. As per a leading financial daily, Mahindra & Mahindra (M&M) has earmarked Rs 7 bn of fresh investment in its fledgling truck and bus business. This is to expand the company's footprint and become a full range player in the Indian market. Further, the company is also planning to expand its network to 80 3S dealership, 173 authorized service centers and retail spares network of 2000 outlets. In the first quarter of the current year, the company's bus and truck portfolio has managed to outpace the market with a growth of 32.3% by selling over 1,000 units. Stock of the company ended the day on a negative note (down by 3%) on the BSE.

Engineering stocks also closed mixed with Jindal Drilling leading the gainers and TRF Ltd leading the losers. As per an article in Economic Times, Larsen & Toubro's (L&T) power transmission and distribution business has bagged orders worth Rs 8.6 bn from Qatar General Electricity and Water Corporation. The order is for the ongoing network expansion plan-phase XII. It encompasses the engineering, procurement and construction of two substation packages. Scrip of L&T has ended the day lower by 1.6%.

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Jan 17, 2018 10:53 AM