Indian stock market indices continued to trade weak over the last two hours of trade on the back of persistent selling across index heavyweights. All sectoral indices are trading in the red. Realty and Metal stocks are witnessing maximum selling pressure.
Banking stocks are trading weak led by Indusind Bank and Dena Bank. As per a leading financial daily, Yes Bank and Malayan Banking Berhad (Maybank), Malaysia's No 1 Bank entered into an alliance to provide cross border investment banking advisory, corporate banking, trade finance, remittances and other allied services. With this, the banks expect to leverage their combined expertise. It will also provide better local knowledge and stronger corporate relationships. Also, the deal is likely to further the trade in the South East Asia region. As per the management of Yes Bank, this is a step in fulfilling their commitment towards the India-South East Asian business corridor. Yes Bank is currently trading down by 2.6%.
Power stocks are trading in the red with Power Trading Coropration of India (PTC India) and Crompton Greaves leading the pack of losers. According to a leading financial daily, the world's largest coal miner Coal India is planning to start 5 m tonnes per annum (MTPA) production from 2 coal blocks in Mozambique by 2015. The company was awarded 2 coal blocks in August 2009 by the government of Mozambique through a global tender process. The 2 mines in Mozambique have an estimated reserve of 1 bn tonnes. The company is also looking to acquire more mines in the African continent. A parliamentary panel had earlier asked the coal ministry to fast track the acquisition process.