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Banking stocks lead the losses
Thu, 24 Sep 01:30 pm

After opening the day on a flat note, the Indian Indices inclined their way southwards and continued to trade negatively in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the banking and capital goods sectors leading the losses. However FMCG stocks are trading firm.

The BSE-Sensex is trading down 35 points (down 0.2%) and the NSE-Nifty is trading down 9 points (down 0.1%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap index is trading higher by 0.6%. Gold prices, per 10 grams are trading at Rs 26,543 levels. Silver price, per kilogram, is trading at Rs 35,535 levels. Crude oil is trading in green with a gain of 0.3% or Rs 9 and is trading at Rs 2,992 per barrel. At the time of writing, the rupee stood at 66.18 to the US$.

Telecom stocks are trading mixed with Himachal Futuristic and AGC Networks leading the gains. As per a leading financial daily, leading integrated telecommunications company Bharti Airtel has signed an agreement with Liquid Telecom to share its fibre network in order to connect its mobile base stations across Africa. The framework agreement enables Airtel operations to leverage Liquid Telecom's existing 20,000km-long fibre network across east, central and southern Africa, as well as enjoy new purpose-built fibre infrastructure. This will enable subscribers in Africa to access better speeds on 3G and 4G networks. Liquid Telecom is an independent data, voice and IP provider in eastern, central and southern Africa. Stock of Bharti Airtel is presently trading down by 1.4%.

Stocks in the power space are also trading on a mixed note with PTC India Ltd and CESC Ltd witnessing maximum selling pressure. As per an article in Livemint, Power Grid Corporation of India (PGCIL) has received an investment approval for 'North Eastern Strengthening Scheme-III' at an estimated cost of Rs 1.3 bn. This comes with the commissioning schedule of 27 months from the date of investment approval. The board of directors at their meeting held on September 15, 2015 has approved for the same. Stock of Power Grid Corporation of India is currently trading down by 0.5% on the BSE.

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