Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(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!

View all commentaries | Archives

Read the latest Market Commentary


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

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.