Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian stock markets slide down
Fri, 9 Sep 11:30 am

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 other smaller banks to try and buy brokerages by offering stock to brokers.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian stock markets slide down". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 19, 2018 (Close)