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Indian equity markets continued to remain under pressure in the afternoon session. At the closing bell, the BSE Sensex stood lower by 385 points (down 1.5%), while the NSE Nifty finished lower by 151 points (down 1.8%). The S&P BSE Mid Cap & the S&P BSE Small Cap finished lower by 2.8% and 3.2% respectively.
Asian markets finished on a mixed note as of the most recent closing prices. Stock markets in Japan and China ended the day trading higher by 0.8% each. However, stock market in Singapore ended the day trading lower by 0.8%.
European markets are trading in the red zone. At the time of writing, stock markets in Germany and France are trading lower by 0.4% each.
The rupee was trading at 68.25 against the US$ in the afternoon session.
Stocks in the realty sector were the worst affected in today's trade. Certain stocks in this sector such as DLF and IndiaBulls Real Estate witnessed immense selling pressure. Since, the announcement of demonetization of 500 and 1,000 rupee notes, the S&P BSE Realty sector has witnessed a sharp fall of around 20%.
Here is Vivek Kaul's take on the impact of demonetization on the real estate sector.
Vivek Kaul has also come out with a special report on how demonetization can have an impact on your investments, properties and effectively your wealth. It's an illuminating read and you can claim this copy for free. No strings attached.
In another news update, Shree Cements has submitted a preliminary report to buy a majority stake in Odhisa based Shiva Cements Ltd.
The promoters of Shiva Cement have been looking to exit its stake in the company. The promoters coupled with the promoter group hold around 37.1% stake in the company. ACC too holds 13% stake in Shiva Cements.
Reportedly, Shree Cements is offering around Rs 15 for every share held by the shareholders. At the time of writing, share price of Shiva Cement was trading at Rs 7.9 (up 4.9%).
Shiva Cement was founded in 1985 and has an annual production capacity of 200,000 tonnes which is being expanded to 1 million tonnes. The firm also has a capitive limestone reserve in its vicinity.
An excerpt from our September quarter result analysis of Shree Cement stated that:
Read the full result analysis of this company (subscription required) to know whether the current valuations of this company trigger a 'Buy' rating for the stock.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!