Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

No respite for Indian indices
Thu, 29 Oct Closing

Ending the day on a negative note, the Indian equity markets lost steam as the day progressed. All major sectoral indices, except consumer durables, closed in the red. PSU and power stocks were the biggest losers. While the BSE-Sensex closed lower by 202 points, the NSE-Nifty closed lower by 60 points. S&P BSE Midcap and the S&P BSE Smallcap also closed on a weak note with both the indices down by 0.4% each.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.36% and the Nikkei 225 rose 0.17%. The Hang Seng lost 0.60%. European markets are lower today with shares in London off the most. The FTSE 100 is down 0.98% while France's CAC 40 is off 0.57% and Germany's DAX is lower by 0.01%. The rupee was trading weak at 65.15 against the US$ at the time of writing.

Paint stocks languished in red throughout the trading session with Jenson & Nicholson and Kensai Nerolac bearing majority of the brunt. According to a leading financial daily, Asian Paints' wholly owned subsidiary - Asian Paints (International), Mauritius, has transferred its entire holding of 80% held in the subsidiary company to Samoa Paints, Samoa and 75% holding in the subsidiary company - Asian Paints (S.I.), Solomon Islands, to Berger International, Singapore, a wholly owned subsidiary of Asian Paints (International).

The transfer of stake to Berger International is part of Asian Paints' plans to consolidate its investment in the overseas subsidiaries. Earlier in the year, Asian Paints (International) Limited, Mauritius transferred its entire holding of 49% held in the subsidiary company Asian Paints (Middle East) LLC and 100% of holding in the subsidiary company Asian Paints (Tonga) Limited to Berger International Limited in Singapore.

The script of Asian paints finished on an encouraging note (up 0.3%) on the BSE.

The Indian paint industry has been developing at an optimistic speed since past few years. However, the last few quarters has witnessed quite subdued sales growth owing to sluggish demand. In one of our recent editions of '5 Minute Wrap Up', we outline the performance of three paint companies which dominate the three-fourths of the Indian paint market. the improvement in margins after the decline of crude prices.

According to a leading economic daily, Coal India Ltd (CIL) has entered into a joint venture agreement with GAIL and fertilizer majors Rashtriya Chemical Fertilizers (RCF) and Fertilizer Corporation of India (FCIL) to incorporate a firm for setting up and operating new Ammonia Urea Complex along with power plant and associated facilities at Talcher unit of FCIL in Odisha and to market its products.

Reportedly, The Coal Ministry has agreed to allot a coal block to the proposed JV company on formation of the same and finalization of techno-economic feasibility report.

A consortium of RCF, GAIL, CIL and FCIL had agreed to invest Rs 80 billion for the revival of this urea plant with a production capacity of 1.2 million tonnes per annum.

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...

Equitymaster requests your view! Post a comment on "No respite for Indian indices". Click here!

  

Views on News

AKZO NOBEL Announces Quarterly Results (3QFY21); Net Profit Up 13.5% (Quarterly Result Update)

Feb 11, 2021 | Updated on Feb 11, 2021

For the quarter ended December 2020, AKZO NOBEL has posted a net profit of Rs 874 m (up 13.5% YoY). Sales on the other hand came in at Rs 8 bn (up 6.5% YoY). Read on for a complete analysis of AKZO NOBEL's quarterly results.

BERGER PAINTS Announces Quarterly Results (3QFY21); Net Profit Up 47.4% (Quarterly Result Update)

Feb 11, 2021 | Updated on Feb 11, 2021

For the quarter ended December 2020, BERGER PAINTS has posted a net profit of Rs 3 bn (up 47.4% YoY). Sales on the other hand came in at Rs 21 bn (up 24.9% YoY). Read on for a complete analysis of BERGER PAINTS's quarterly results.

KANSAI NEROLAC 2019-20 Annual Report Analysis (Annual Result Update)

Dec 29, 2020 | Updated on Dec 29, 2020

Here's an analysis of the annual report of KANSAI NEROLAC for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of KANSAI NEROLAC. Also includes updates on the valuation of KANSAI NEROLAC.

BERGER PAINTS 2019-20 Annual Report Analysis (Annual Result Update)

Oct 20, 2020 | Updated on Oct 20, 2020

Here's an analysis of the annual report of BERGER PAINTS for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of BERGER PAINTS. Also includes updates on the valuation of BERGER PAINTS.

More Views on News

Most Popular

It's the Beginning of a New Bull Phase in Smallcaps (Profit Hunter)

Feb 24, 2021

Last time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.

Make Rs 5,000 Per Day Trading the Market (Fast Profits Daily)

Feb 25, 2021

In this video, I'll show you how to get started on the path to daily trading profits.

The Hidden Tesla in My Great Indian Wealth Project (Profit Hunter)

Feb 23, 2021

An Indian company founded three decades ago in a garage caught my attention...

How Much Money For Day Trading? (Fast Profits Daily)

Feb 22, 2021

In this video, I'll show you how to allocate your capital as a day trader.

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

MARKET STATS