X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
Investing in India? Get Equitymaster Research  
IT stocks drag markets lower 
(Fri, 12 Oct 11:30 am) 
 
Indian equity markets continued to trade weak over the last two hours of trade. Realty and consumer durables stocks witnessed maximum buying interest while IT stocks witnessed maximum selling pressure.

The Sensex today is down by 9 points, while the NSE-Nifty today is down by 2 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.79% and 0.88% respectively. The rupee is trading at 52.52 to the US dollar.

Energy stocks are trading in the green led by Hindustan Petroleum Corporation Ltd (HPCL) and Essar Oil. According to a leading financial daily, Petronet LNG which is expanding its Dahej terminal in Gujarat from 10 to 15 million tonnes (mt), has booked half of the planned capacity addition with Gail India Limited in return for an interest-free advance, which will be invested in the project. Petronet LNG plans to complete the expansion by 2015 at an investment of Rs 30 bn. The advance from Gail would take care of the 30% equity the company needed to invest in the expansion. For instance, if the project is completed at the estimated investment of Rs 30 bn, the advance from Gail would be around Rs 9 bn. Petronet LNG will give a capacity of 2.5 mt out of the 5 mt expansion planned at Dahej. Gail, who owns 12.5% stake in Petronet, has been aggressively scouting for new liquefied petroleum gas (LNG) supplies.

Auto stocks are trading strong led by TVS Motors and Force Motors. According to a leading financial daily, Maruti Suzuki recently halved its growth forecast for FY13 from 10% to just 5%. The company that has been witnessing tough times in past few months has lost its market share and has charted out a plan for regaining 50% share of the market. Looking at rising demand for diesel cars and price disparity, Maruti is looking to focus on the diesel variants of its models. The market share of diesel cars has risen to 58% this year up from 47% last year. The automobile company is planning to expand its diesel capacity earlier than planned and thinking of starting a new engine plant in Gujarat. We may recollect here that Maruti has been facing employee troubles in its existing plant locations in Haryana.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives  RSS
Read the latest Market Commentary
 
BSE-30
 

 
Go
 

Equitymaster requests your view! Post a comment on "IT stocks drag markets lower". Click here!

  
 

S&P BSE SENSEX


Jun 23, 2017 (Close)

MARKET STATS