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Indian equity markets shed gains
Thu, 6 Sep 11:30 am

Indian equity markets shed initial gains and were trading in the red during the last two hours of trade. Sectoral indices represented a mixed performance with FMCG and capital goods stocks leading the losses while IT and realty stocks managed some gains. The BSE-Sensex is trading lower by 13 points and NSE-Nifty is trading flat. However, BSE Mid Cap and BSE Small Cap indices are currently up by 0.3% and 0.2% respectively. The rupee is trading at 56 to the US dollar.

Automobile stocks are trading weak led by Hero Motocorp and Mahindra and Mahindra (M&M). According to a leading financial daily, M&M is likely to take a decision about foraying into the Russian automobile market soon. The automobile company is presently in talks with various distributors to start Russian operations. However, launch of the Mahindra branded vehicle will happen after the two years. M&M is exploring the options of either manufacturing in Russia or selling the vehicles as completely built unit (CBU) imports. Currently, M&M's subsidiary SsangYong Motor has an existing assembly operation in Russia for completely knocked down (CKD) units for one model and the company plans to add more models soon. Meanwhile, M&M is going to launch its compact multi-purpose vehicle Quanto in India on September 20, 2012.

Banking stocks are trading in the red led by Karnataka Bank and Lakshmi Vilas Bank. According to a leading financial daily, ICICI Bank is planning to repatriate a large part of its capital from its UK arm as its business growth there has slowed significantly due to the economic turmoil in the euro zone and a stringent regulatory environment. The bank has already initiated a similar move in Canada. The bank has shed its investment portfolio in the UK and feels that despite repatriation, the subsidiary will have more than adequate capital to meet its business needs as the capital adequacy ratio is at 34.1%. ICICI Bank currently has three overseas banking subsidiaries in the UK, Canada and Russia. In all the other international markets, the bank operates through branches.

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1 Responses to "Indian equity markets shed gains"

Stock Tips

Sep 10, 2012

Interesting article about indian equity market.........

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