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Metal stocks out of favor today
Tue, 15 Sep Closing

After trading in the negative territory during the post noon trading session, the Indian equity markets failed to recoup losses and closed in the red. While the BSE Sensex today closed lower by 151 points, the NSE-Nifty closed lower by 43 points. Midcaps and Smallcaps too closed on a weak note. While the BSE Mid Cap index ended down by 0.8%, the BSE Small Cap index was down by 0.6%. Metal and capital goods stocks were the biggest losers today.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.34%, while the Shanghai Composite led the Hang Seng lower. They fell 3.52% and 0.55% respectively. European markets are lower today with shares in France off the most. The rupee depreciated further from its initial losses by 10 paise to 66.43 against the US currency in the afternoon session.

According to a leading financial daily, Tech Mahindra has been included in Dow Jones Sustainability Indices under both Emerging Markets and DJSI World category for the first time. Tech Mahindra is one amongst the only three Indian companies to make it to the DJSI World Index and one amongst nine companies which have made it to the DJSI Emerging markets category that comprises 92 companies from Asian economies such as China, Taiwan, and Singapore. DJSI World Index comprises of 317 companies globally picked across geographies based on their performance.

Selling pressure was witnessed across majority of the with Suzlon Energy and ABB India leading the pack of losers. Shares of Crompton Greaves surged more than 1.5% in intraday trading today after it was reported that the company bagged a 3-year contract from the French distribution network operator Electricite Reseau Distribution France (ERDF), which manages 95% of the electricity distribution network in France, to provide maintenance and repair services to 4,500 high power transformers. These transformers of ERDF, a subsidiary of EDF, are credited with supplying energy to 35 million households in France. As part of this contract, CG will provide preventive and corrective maintenance of the ERDF on- load tap changers (OLTC) through speedy turnaround services.

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