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Selling pressures intensify towards the end
Tue, 1 Sep Closing

Intensified selling activity led the Indian markets to nose dive deeper into the red during the final hours of trade. The BSE-Sensex ended lower by 587 points (2.2%), while NSE-Nifty ended lower by 189 points. The S&P BSE Midcap and S&P BSE Smallcap ended the day trading lower by 2.2% and 2.1% respectively.

Asian stock markets finished on a dismal note at the most recent closing prices. Nikkei and Shanghai Composite ended lower by 4% and 1.31% respectively. The rupee was trading at 66.38 against the US$ in the post noon session.

Majority of the engineering stocks closed on a bearish note today. As per a leading financial daily, Larsen & Toubro (L&T) has bagged an order worth Rs 10.7 bn to build tracks for the Riyadh metro project in Saudi Arabia. The order is from a consortium which includes Bechtel, Almabani, CCC and Siemens. The company has stated that the order is in sync with L&T's strategy for expanding their railway business in to the Middle-East. The project includes the construction of about 63 kilometers of double ballastless tracks in tunnels, viaducts and three depots. The said is projected is to be completed in 40 months. Stock of L&T has closed the trading day on a negative note, down by 3.5%.

Stocks in the automobile space ended the day on a mixed note. As per an article in Economic Times, Eicher Motors branded trucks and buses have recorded a YoY 19.3% rise in their total sales for the month of August. While for the domestic market, Eicher trucks and busses reported sales increase of 17% on a YoY basis. Exports for the concerned segment surged up by 32% YoY in August as compared to the last fiscal. Eicher Motors however ended the day in the red, down by 3.8%. q

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