Mid & Small Caps Lead Market Decline

Wed, 9 Dec Closing

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   Pre-Open   

   09:30 am   

   11:30 am   

   01:30 pm   

The Indian equity markets continued to languish in the red during the final hour of trade, thus closing on a weak note. While the BSE-Sensex today closed lower by 274 points, the NSE-Nifty closed lower by 89 points. Mid caps and small caps bore the brunt of the selling pressure. While the BSE Mid Cap index closed lower by 1.8%, the BSE Small Cap index closed the day lower by 2.2%. Healthcare and metal stocks were the biggest losers today.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite index gained 0.07%, while the Nikkei 225 led the Hang Seng lower. They fell 0.98% and 0.46% respectively. European markets are trading lower today with shares in Germany off the most. The DAX is down 0.87%, while London's FTSE 100 is off 0.50% and France's CAC 40 is lower by 0.22%. The rupee was trading at 66.75 against the US$ in the afternoon session.

According to a leading financial daily, Rourkela Steel Plant (RSP), a unit of Steel Authority of India Limited (SAIL), has set up 1 MW solar photovoltaic (PV) power generation unit inside the plant premises at a cost of Rs 66.8 million. The system, which is in the final stage of commissioning, is expected to generate minimum 1.479 million units of solar energy per annum. It is also installing other facilities for production of green energy.

Reportedly, two 5 KW rooftop solar PV power generation systems have already been installed and seven more such systems are in the pipeline. RSP is also in the process of setting up a 15 MW hydro power project on the downstream of Mandira Dam in collaboration with GEDCOL.

SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises.

The metals industry has been badly hit by a sharp slowdown in manufacturing around the world. A huge slump in the global prices of metals coupled with large scale dumping by countries such as China is proving to be detrimental for local metal producers. Weak demand prospects remain the primary concern for metal companies. The country's top four metal producers namely Tata Steel, SAIL (Steel Authority of India), Hindalco and Vedanta are mostly trading at half their book value (Subscription Required) which is the lowest in the last 25 years.

Automobile stocks languished in red today with Force Motors and Mahindra Scooters bearing majority of the brunt. Mahindra & Mahindra (M&M), India's leading SUV manufacturer, has reported 8.07% rise in its production to 41,317 units in November 2015 as compared to 38,231 units in same month last year. Further, the company's auto sales numbers stood at 41,590 units during November 2015 as against 34,292 units during November 2014, registering a growth of 21.28%.

Mahindra & Mahindra announced the second quarter results of financial year 2015-2016 (2QFY16) a while back. The company reported a decline of 3% YoY in sales, while net profit growth has been flat. Here is our analysis of the results (Subscription Required).

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