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Indian share markets weaken
Tue, 18 Sep 01:30 pm

On account of selling in index heavyweights, Indian share markets slipped below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading positive with power, capital goods and FMCG stocks leading the pack of gainers. Oil and gas, metal and IT are among the few sectors trading weak.

BSE-Sensex is down 28 points and NSE-Nifty is trading down 7 points. BSE Mid Cap is up 0.9% and BSE Small Cap is up 0.8%. The rupee is trading at 54.2 to the US dollar.

Majority of cement stocks are trading positive with India Cement and Shree Cement leading the pack of gainers. As per a leading financial daily, Reliance Infrastructure has forayed into the commercial cement manufacturing with its subsidiary Reliance Cement Company Pvt Ltd launching Reliance Cement. The new-age Portland Pozzollona cement will be manufactured in the recently commissioned plant in Butibori, Maharashtra. The cement from the plant will initially service the demand of the Vidarbha market including districts of Nagpur, Wardha, Chandrapur, Bhandara and Amravati. The marketing and distribution networks to the other districts will be set up subsequently.

Majority of the engineering stocks are trading strong with Jyoti Structure and Bharat Heavy Electricals (BHEL) being the biggest gainers. A leading business recently reported that power equipment manufacturer BHEL is looking at opportunities to grow its non-power business. This development comes on the back of the possibility of cancellation of Rs 210 bn worth of orders following the coal mine allotment controversy. It is believed that the power companies involved in the issue have asked the company to put their orders on hold, thereby impacting the capital goods major. As per BHEL's managements, the exact extent of order cancellations would be known by next month. The company would now be looking at enhancing its industrial, transportation, piping, refinery and transmission and distribution businesses. These businesses are believed to form nearly 30% of the company's revenues. BHEL's management is looking at aggressively increasing the share of the non-power business segment such that the power business would form about 40% of revenues a few years down the line.

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