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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Sensex loses steam 
(Thu, 3 Jul Closing) 
 
Post the technical glitch at the exchange that brought the Indian markets to halt for more than three hours, the equity benchmark indices consolidated in the afternoon trading session. Hence, the markets remained lackluster throughout the day and closed on a weak note. Stocks from sectors such as oil and gas and realty have witnessed maximum selling pressure. Both the BSE Mid Cap and the BSE Small Cap indices lost steam and were down by 0.2% and 0.1% respectively. The BSE Sensex closed lower by 18 points. The NSE-Nifty too was seen down by 10 points.

On the global front, most of the Asian indices have closed the day on a mixed note. However, the European indices have been trading firm. The rupee was trading at Rs 59.79 to the dollar at the time of writing.

Stocks from the Investment and Finance space have closed the day on a mixed note. While Cholamandalam Investments and Motilal Oswal closed the day on a positive note, Mahindra Finance and Bajaj Holdings & Investments closed in the red.

According to a leading daily, the infrastructure financing firm IDFC Ltd is all set to raise Rs 20 bn by issue of equity shares through a qualified institutional placement (QIP) or a further public offering (FPO). This is to reduce foreign shareholding below 50% to comply with RBI bank license guidelines. As at the end of March 2014, the aggregate foreign shareholding in IDFC was approximately 53.69%. The company is also keen to raise Rs 80 bn through issue of non-convertible debentures and commercial papers through the private placement route. Historically, the company has been one of the largest issuers of NCDs via private placements and was one of the top 10 mobilisers of debt and issued bonds in 2012-13.

According to a leading daily, the ministry has planned to open a separate escrow account to fund affordable housing in the country. This account will collect taxes and other charges that are levied on materials such as cement and steel in the housing industry. This account in turn will generate revenue to construct affordable houses in the country. The Urban development Minister also plans to take series of steps such as geographic information systems (GIS)-based urban planning, preparing master plans for all cities, solid waste management and people's participation in managing public spaces, among others to improve urban governance. We certainly hope these measures turn positive for the revival of the real estate market in India.

With the positive steps coming from the Ministry, do you think the real estate or the housing industry will be able to come out of the lull phase? Share your views on Equitymaster Club.

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