After a weak opening, Indian share markets continued to slip deeper into the red in the post-noon trading session. Barring pharma and FMCG, all the sectoral indices are trading in the negative with realty, oil & gas and capital goods stocks leading the pack of losers.
BSE-Sensex is down 151 points and NSE-Nifty is trading down 52 points. While BSE Mid Cap index is down by 0.1%, BSE Small Cap index is marginally up. The rupee is trading at 52.2 to the US dollar.
Majority of the power stocks are trading in the red with Tata Power and Reliance Infra leading the pack of losers. As per a leading financial daily, Tata Power's distribution arm Tata Power Delhi Distribution Ltd (TPDDL) is bidding for three power distribution companies in Nigeria. Out of the total of 54 companies that had bid for them, 21 firms including TPDDL have cleared the technical evaluation process. For this purpose, TPDDL has formed two separate consortiums with two African companies. The total investment required in setting up the three distribution companies has been estimated at US$ 900 m. Tata Power is expected to fund its share in the consortiums through the equity route. The Nigerian government has commenced privatization of the power sector in 2010.
Finance Minister, P. Chidambaram believes that the slowdown in the Indian economy is not really a cause for undue worry. At a recent conference, the FM mentioned that market sentiments have been affected by the challenging times in the global economy. India's economy has fared better than the global economy, which saw a drop from 5.3% in 2010 to 3.5% during the next two years. India performed better, growing by 6.5% during FY12. However, during the first quarter of the current year, the growth rate slowed down to 5.5%. The advanced economies grew in the range of 1.4% to 3.2% over the past three years. The FM also added that while the tight monetary policy of the Reserve Bank of India (RBI) is aimed at taming inflation, it has also dampened growth. He is of the view that the foremost task is to augment savings and then channelize such savings into investments. Having said that, the government on its part also needs to focus on cutting down deficit and removing supply side bottlenecks if inflation has to remain within acceptable levels going forward.
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
What else is happening in the markets today? Dig in...
TORRENT POWER share price is trading up by 5% and its current market price is Rs 429. The BSE POWER is up by 0.6%. The top gainers in the BSE POWER Index are TORRENT POWER (up 5.2%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.7%) and NTPC (down 1.2%).
DILIP BUILDCON share price is trading up by 8% and its current market price is Rs 719. The BSE CAPITAL GOODS is down by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are DILIP BUILDCON (up 8.5%) and BHEL (up 6.5%). The top losers are CARBORUNDUM UNIVERSAL (down 0.1%) and HINDUSTAN AERO. (down 1.8%).
BALRAMPUR CHINI share price is trading up by 10% and its current market price is Rs 213. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are BALRAMPUR CHINI (up 10.3%) and BALMER LAWRIE (up 13.6%). The top losers are DIVIS LABORATORIES and PIDILITE INDUSTRIES .
INDIAN ENERGY EXCHANGE share price is trading up by 7% and its current market price is Rs 319. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are INDIAN ENERGY EXCHANGE (up 6.6%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.5%) and NTPC (down 0.8%).
ITD CEMENTATION INDIA share price is trading up by 8% and its current market price is Rs 93. The BSE REALTY is up by 0.3%. The top gainers in the BSE REALTY Index are ITD CEMENTATION INDIA (up 8.5%) and INDIABULLS REAL EST (up 10.3%). The top losers are PRESTIGE ESTATES and GODREJ PROPERTIES (down 0.2%).
BSE Sensex is trading down by 385 points, while the NSE Nifty is trading down by 103 points.
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll show you how to get started on the path to daily trading profits.
In this episode, ace trader Brijesh Bhatia talks to us about the best investments of 2021, his profitable trading system, and much more.
An Indian company founded three decades ago in a garage caught my attention...
More
Equitymaster requests your view! Post a comment on "Indian share markets widen losses". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!