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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets trade weak 
(Mon, 26 Sep 11:30 am) 
 
Indian stock market indices continued to trade weak over the last two hours of trade. All sectoral indices are trading in the red. Consumer Durable and Metal stocks witness maximum selling pressure.

The BSE-Sensex is down by 269 points and NSE-Nifty is down by 84 points at the moment. BSE Mid Cap and BSE Small Cap indices are down by 1.96% and 1.65% respectively. The rupee is trading at 49.48 to the US dollar.

Banking stocks are trading in the red. Yes Bank is the biggest loser. India's largest public sector bank, State Bank of India (SBI) is unlikely to come up with a retail bond issue this year. This is because the bank will be forced to lock in a higher coupon rate at a time when interest rates are high. The environment for Issuing long term retail bonds is not conducive at the moment because the bank will be stuck with high coupon rates if interest rates start falling. Last fiscal, the bank had floated two retail bond issues, both of which were oversubscribed. The government clearance for SBI's Rs 200 bn rights issue is also being delayed, thus curbing the bank's ability to lend.

Power stocks are trading weak. All stocks in the sectoral index are trading in the red except for Tata Power which is the only stock trading in the green. A government panel formed to look into the issues relating to both raw material availability and infrastructure linkages steel sector for the 12th Plan has suggested that since coking coal production has almost come to a halt under Coal India, the PSU's mines for coking coal should be taken away and a separate entity should be formed for handling the production of the commodity. The new entity can continue to be under the government to begin with and to remain fully responsible for coking coal mining development. India has 33 bn tonne of coking coal reserves out of which Coal India accounts for 90% of share. There are several coking coal assets lying underdeveloped with Coal India who have no plans of developing them in the 12th five year plan. As a result, steel production could be hit severely.

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