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Indian markets dip into the red
Tue, 22 Sep 01:30 pm

After trading on a firm note during the morning session of the day, the Indian equity markets gave up their gains by diving into the red during the post noon trading session. Gains were led by stocks from software and pharma segments. However, aluminum stocks are bearing maximum burnt.

The BSE-Sensex is trading down 57 points (0.2%) and the NSE-Nifty is trading down by 20 points (0.3%). The BSE Mid Cap index is trading down by 0.3% while the BSE Small Cap is trading marginally up. Gold prices, per 10 grams, are trading at Rs 26,341 levels. Silver price, per kilogram, is trading at Rs 36,090 levels. Crude oil is trading at Rs 3,042 per barrel. At the time of writing, the rupee stood at 65.64 to the US dollar.

Automobile stocks are trading mixed with Force Motors and Ashok Leyland leading the gains. As per a leading financial daily, Mahindra & Mahindra's (M&M) step-down arm Mahindra Auto Steel (MASL) has inaugurated its automotive steel processing facility in the auto belt of Chakan, in the state of Maharashtra. This facility is a joint venture (JV) with China Steel Global Trading Corporation, Taiwan and Mitsui &Company, Singapore. Mahindra Intertrade holds 51% in the JV while the other partners hold 24.5% each. The facility has been set up at a cost of Rs 1.1 bn over 10 acres of land in Phase I. Presently the stock of Mahindra & Mahindra is trading up by 1%.

Stocks in the power space are also trading mixed with Power Grid and NTPC witnessing maximum selling pressure. As per an article in Business Standard, Tata Power is all set to strengthen its distribution network in Mumbai. For this, the company is reportedly waiting for the Maharashtra Electricity Regulatory Commission (MERC) approval. The network expansion will also help the firm step up its distribution after the completion of the replacement of 500 MW of Trombay unit from a gas-based to a thermal-based one. Currently the company is using Reliance Infrastructure's network to service cross-over consumers. Stock of Tata Power is trading up by 0.5%.

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