X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks

MEMBER'S LOGINX

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

Volatile Start to the Week
Mon, 23 Nov Closing

The Indian markets had a rather volatile trading session today as the indices oscillated to either side of the dotted line. At the closing bell, the BSE-Sensex closed lower by about 49 points, while the NSE-Nifty finished lower by about 7 points. Stocks from the FMCG and metals sectors were the least preferred today, while those from the consumer durables and realty spaces were in demand. However, BSE Mid Cap and BSE Small Cap bucked this trend and finished the day higher by 0.4% and 0.5% respectively.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.10%, while the Shanghai Composite led the Hang Seng lower. They fell 0.56% and 0.39% respectively. European markets are lower today with shares in France off the most. The CAC 40 is down 0.75% while London's FTSE 100 is off 0.30% and Germany's DAX is lower by 0.05%. The rupee was trading at 66.35 against the US$ in the afternoon session.

According to leading financial daily, The High Level Clearance Authority (HLCA) of the Odisha government is willing to consider the proposal by National Aluminium Company (Nalco) to expand capacity of its alumina refinery at Damanjodi in Koraput district from 2.275 million tonne per annum (mtpa) to 3.275 mtpa. Nalco's expansion is estimated to cost around Rs 43.57 bn.

Reportedly, the Pottangi mines with 70 million tonne bauxite reserve would feed Nalco's new refinery of one million tonne capacity planned at Damanjodi. Recently, Nalco had submitted Rs 3 bn corporate social responsibility (CSR) package to the state government for the Pottangi deposits. The CSR projects would be implemented at Damanjodi, Angul and other parts of Odisha.

It has been a lackluster year for companies operating in aluminum space. Aluminum has looked the most vulnerable in the base metals space due to concerns over the Chinese aluminum exports and global meltdown in commodity prices. Moreover, domestic aluminum companies are also struggling with higher fuel costs. The aluminum companies were forced to source coal from the open markets in the wake of cancellation of the captive coal blocks allotted to them by the Supreme Court last year. And price hikes taken to pass on the cost has further dented their competitiveness in the global markets. This has all been reflected in the weakening financial performance during the first half of FY16. (Subscription required)

finished on a mixed note. Hero Motocorp and Ashok Leyland were leading the pack of gainers. According to a leading economic daily, Tata Motors has opened a new full range passenger vehicle dealership at Ahmedabad, Gujarat in collaboration with Cama Motors. The new dealership is Tata Motors' 4th dealership and the 6th showroom in the city. Under this agreement, the company and Cama Motors are all set to provide a luxury car ride experience to esteemed customers with the new and exciting models and aim to provide end-to-end solutions.

Earlier this week, Tata opened a new commercial vehicle dealership facility at Firozabad, Uttar Pradesh. The 3S (Sales, Service and Spares) facility which is operated by Ashok Auto Sales has a vehicle display area along with 7 bays, and has a capacity to handle about 500 vehicles a month.

Tata Motors closed the day down by 0.1%.

FY15 turned out to be very challenging year for the automobile industry when all the other segments reported a decline in volumes barring two wheelers. Although the last fiscal saw the industry limping back, the recovery so far has been tepid and slow. In our recent edition of '5 Minute Wrap Up', we highlight the performance of auto segments and what is expected of the industry in the near future.

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

Equitymaster requests your view! Post a comment on "Volatile Start to the Week". Click here!

  

S&P BSE SENSEX


Apr 24, 2017 (Close)

MARKET STATS