Indian stock market indices are trading in the negative after opening the trade on a flat note today. IT and Metal stocks lead the losses while Consumer Durables and FMCG are trading in the green.
The BSE-Sensex is down by 84 points and NSE-Nifty is down by 29 points. However, BSE Mid Cap and BSE Small Cap indices are also up by 0.2% and 0.4% respectively. The rupee is trading at 46.43 to the US dollar.
Auto stocks are trading firm. Hero Motorcorp and Eicher Motors are the biggest gainers. According to a leading financial daily, Mahindra & Mahindra (M&M) has initiated construction of a plant in China. The new engine plant will be located at Yancheng city of China's Jiangsu province. The foundation was recently laid in the presence of India's ambassador to China Mr S Jaishankar. It is a joint venture with Yueda Group. The plant is being set up by the Mahindra Yueda Yancheng Tractor Company Ltd (MYYTCL). MYYTCL will spend an amount equal to US$ 14.6 m on this and another US$ 3.7 m on research and development. It may be noted that M&M has already invested US$ 110 m in China. It now holds 9.2% of the fast growing Chinese tractor market.
Private Banking stocks are trading mixed with City Union Bank and Axis Bank trading weak while J&K Bank and Federal Bank are the top gainers. According to a leading financial daily, the acquisition of Enam's broking and investment banking business by Axis bank will have to be an all-cash deal as directed by the Reserve Bank of India (RBI). It may be recollected that the deal was announced last November as an all-stock transaction worth Rs 20.67 bn.
Axis had earlier proposed that it would issue stocks to Enam's founders while the bank's subsidiary would take over the business operations. RBI had rejected this stating that these are two different entities. In a fresh proposal Axis has proposed issuing shares and acquiring business temporarily , and thereafter transferring it to its subsidiary. RBI feels that such a deal will encourage othersmaller banks to try and buy brokerages by offering stock to brokers.
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The BSE Sensex is trading up by 477 points, while the NSE Nifty is trading up by 135 points.
SIEMENS share price has hit an all time high at Rs 1,922 (up 1.7%). The BSE CAPITAL GOODS Index is up by 0.5%. Among the top gainers in the BSE CAPITAL GOODS Index today are SIEMENS (up 1.7%) and HONEYWELL AUTOMATION (up 1.9%). The top losers include HAVELLS INDIA (down 0.2%) and GRAPHITE INDIA (down 0.2%).
MUTHOOT FINANCE share price is trading down by 6% and its current market price is Rs 1,315. The BSE 500 is up by 0.5%. The top gainers in the BSE 500 Index are INDIAN OVERSEAS BANK (up 10.0%) and BANK OF MAHARASHTRA (up 10.0%). The top losers are MUTHOOT FINANCE (down 5.8%) and HIMADRI SPECIALITY CHEMICAL (down 5.4%).
ZENSAR TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 282. BSE 500 Index is up by 0.5% at 19,684. Within the BSE 500, ZENSAR TECHNOLOGIES (up 5.3%) and NAVA BHARAT VENTURES (up 11.2%) are among the top gainers, while top losers are MAGMA FINCORP and RELIANCE POWER.
BSE Sensex is trading up by 226 points, while the NSE Nifty is trading up by 113 points.
OMAXE share price is trading down by 6% and its current market price is Rs 72. The BSE REALTY is up by 0.5%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 1.9%) and DLF (up 1.9%). The top losers is OMAXE (down 5.8%)..
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