Indian indices continued their southbound journey on the back of heavy selling in heavy weights over the previous two hours of trade. Stocks from consumer durable and banking space are trading firm while stocks from the realty and capital goods space are trading weak.
The BSE-Sensex is trading down by 135 points while NSE-Nifty is trading 46 points below the dotted line. BSE-Midcap and BSE-Smallcap indices are both trading lower by 0.6%. The rupee is trading at 45.52 to the US dollar.
Auto stocks are trading weak lead by Bajaj Auto and Ashok Leyland. As per a leading financial daily, Volkswagen (VW) plans to extend its global partnership with Suzuki in India by tapping the manufacturing and design facilities of Maruti. VW and Suzuki are jointly developing a small car. This is likely to be produced at Maruti's Manesar plant. VW intends to use this production facility to raise its presence and market share in India. In fact, Volkswagen India chief Mueller has said that the company is looking at capturing an 8% market share in the next 3-4 years. This translates into a sale of 250,000 cars per annum. VW's total capacity stands at only 110,000 cars per annum and it will take another 2-3 years to reach full utilization on the existing capacity. The company intends to get the balance numbers from Maruti.
Engineering stocks are trading mixed with Punj Lloyd and Jyoti Structures trading firm while L&T and Blue Star are trading weak. As per a leading financial daily, wind turbine manufacturer Suzlon Energy Limited (SEL) has bagged an order of Rs 11.5 bn from Kolkata's Techno Electric Group to develop over 202.2 mw wind power projects. The order comprises of 24 units of Suzlon's 2.1 MW wind turbine generators (WTGs), 34 units of 1.5 MW WTGs and 48 units of 2.1 MW WTGs. The first phase of 101.4 mw will be commissioned in Tamil Nadu by June 2011. The second phase of 100.8 mw will be commissioned by December 2011. This order stands to benefit Suzlon as it has been facing a tough time recently due to low sales and high debt.
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What else is happening in the markets today? Dig in...
In this edition if Momentum Moves, I'll show you why the Nifty is weak and could head to 14,000. On the other hand, smallcaps are looking good.
Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.
ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).
ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).
JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).
UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).
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