Indian stock market traded in the negative during previous two hours of trade due to selling pressure witnessed across sectors. All sectoral indices, except IT
and healthcare, are trading in the red.
The BSE-Sensex is trading down by 26 points and NSE-Nifty is trading weak by 8 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.9% and 0.7% respectively. The rupee is trading at 53.38 to the US dollar.
Hotel stocks are mainly trading in the red led by EIH Ltd and Hotel Leelaventure. However Taj GVK is on the gaining end. As per a leading financial daily, the hotel company Taj GVK is setting up a five-star deluxe hotel in Mumbai. The new hotel will be located near the international airport and will have 275 rooms. The Taj brand hotel which is expected to be operational by 2014 will require investments of Rs 1 bn. It will be developed jointly with Greenridge Hotels and Resorts Pvt Ltd (a GVK company) through its special purpose vehicle Green Woods Palaces and Resorts Pvt Ltd.
PSU banking stocks are trading weak today led by Union Bank and Oriental Bank. As per a leading financial daily, Punjab National Bank's business in the state of Kerala has crossed Rs 70 bn. Deposits crossed Rs 36 bn and advances Rs 34 bn. This implies a year on year growth of around 36% in deposits, 24% in advances and 30% overall. The PSU bank plans to expand its operations further in the state. It is looking at opening 14 new branches by the next December. Of these 3 will be opened in the Kozhikode circle itself. This circle presently has 81 existing branches.