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Indian markets trade in the red
Mon, 21 Sep 11:30 am

After opening the day on a weak note, Indian share markets have continued to trade in the red. Among the sectoral indices, FMCG and software stocks are witnessing maximum selling pressure. However, mid and small cap stocks are trading positively.

The BSE-Sensex is down by 69 points (0.25%) and the NSE-Nifty is trading down by 13 points (0.19%). The BSE Mid Cap & BSE Small Cap indices are trading in the green, up by 0.3% and 0.8% respectively. The rupee is trading at 65.75 to the US dollar.

Finance stocks are trading mixed with Indiabulls Financial Services and SREI Infra Finance witnessing maximum buying interest. As per an article in Economic Times, IDFC has got regulatory approval to utilize Rs 25 bn non-distributable reserves for provisions against bad loans as part of exercise to clean its book before venturing into universal banking. With these additional provisions, the net worth of IDFC will reduce by approximately Rs 16 bn. However, this will not impact the distributable profits since an equivalent amount will be transferred from the non distributable statutory reserves, as approved by the regulator. The stock of IDFC is trading up by 2%.

Steel stocks are also trading on a mixed note with Adhunik Metaliks and Maharashtra Seamless leading the gains. As per a leading financial daily, Tata Steel has raised more than Rs 41 bn through the sale of non-core assets during this fiscal year as a part of efforts to strengthen its balance sheet and generate cash. The Mumbai-based firm stated last week that it has sold 1.33% stake in group company Tata Motors to institutional investors for Rs 12.5 bn. Further, the company has also sold a similar stake in Tata Motors to promoter group Tata Sons for Rs 12.49 bn. The stock of Tata Steel is trading down by 0.9%.

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