Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian markets open deep in red
Thu, 22 Sep 09:30 am

Asian stock markets have opened the day with significant losses. Stock markets in Indonesia (down 4.8%), Hong Kong (down 4.2%), South Korea (down 3.5%) and Taiwan (down 3%) are leading the pack of losers. The Indian stock market have opened the day on a weak note as well. Metals , realty and banking stocks are leading the losses.

The BSE-Sensex is trading lower by around 252 points (1.5%), the NSE-Nifty is down by around 81 points (1.6%). The midcap and smallcap stocks are in the negative as well with both the BSE Mid Cap and BSE Small Cap indices down by 1% and 0.8% respectively. The rupee is trading at 48.75 to the US dollar.

Investment & finance stocks have opened the day on a weak note with Infrastructure Development Finance Company (IDFC), Industrial Finance Corporation of India (IFCI), Power Finance Corporation (PFC) and Reliance Capital facing significant selling pressure. Reliance Capital, the financial services arm of Anil Dhirubhai Ambani Group is planning to sell 26% stake in its subsidiary Reliance General Insurance Company. The due diligence process for the same has already commenced and is expected to complete by the end of financial year 2011-12. In March 2011, Japanese major Nippon Life Insurance Co entered into a definitive agreement with Reliance Capital to acquire a 26% stake in the latter's life insurance arm Reliance Life for Rs 30.6 bn. So far, this has been the largest foreign direct investment in the Indian insurance sector. In early September 2011, Nippon Life signed a pact with Reliance Capital to explore further collaboration including a strategic partnership, across all financial businesses promoted by the latter.

Pharma Stocks have opened the day in the red with Aurobindo Pharma, Biocon, Piramal Healthcare and Sun Pharma leading the losses. The Chairman and Managing Director of Indian biotechnology major Biocon has said that the company aims to achieve revenues of US$ 1 bn (approximately Rs 48.6 bn). By doing this it plans to enter the league of the top ten global biotechnology companies in the world. To achieve this growth, the company's main focus will be on chronic diseases such as diabetes, cancer and auto immune diseases. The company is also planning to list its contract research and manufacturing services arm Syngene in the next 18 months.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian markets open deep in red". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 23, 2018 (Close)