Helping You Build Wealth With Honest Research
Since 1996. Read On...

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Revealed
India's Third Giant Leap

This Could be One of the Biggest Opportunities for Investors




Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
By submitting your email address, you also sign up for Profit Hunter, a daily newsletter from Equitymaster
covering exciting investing ideas and opportunities in India.

AD

Stock Market indices extend losses
Fri, 24 Feb 01:30 pm

With sustained selling pressures by heavyweights, Indian stock markets continued to move southwards in the last two trading hours. Most of the sectoral indices are trading negative. Consumer durables, metal and IT stocks are among the handful of gainers.

The BSE-Sensex is trading down 129 points and NSE-Nifty is trading down 44 points. The BSE Mid cap and BSE Small cap indices are down by 0.52% and 0.38% respectively. The rupee is trading at 49.09 to the US dollar.

Majority of the auto ancillary stocks are trading in red. Asahi India, Mahindra Forgings, Sundaram Clayton and Amtek Auto are a few stocks trading in green. As per a leading financial dialy, Amara Raja Batteries is setting up a greenfield battery plant at an investment of Rs 1.9 bn as its existing capacities are sufficient to meet demand until FY13. The new plant is expected to be completed in 12-15 months. The expansion of its office automation battery capacity by 0.2 m units to 2 m units is expected to be completed soon. The company will commence supplying two-wheeler batteries to the Original Equipment Market from the June 2012 quarter onwards. The company stock is down 0.48%.

Majority of the energy stocks are trading in red. Reliance Industries Limited (RIL) (down 2.4%) and Essar Oil (down 2.1%) are the biggest losers. As per a leading financial daily, state-owned refiner Hindustan Petroleum Corporation Ltd (HPCL) will double its crude oil imports from Saudi Arabia and curtail purchases from Iran by over 14% in FY13. In the wake of sanctions imposed by the US and European Union on Iran against its nuclear enrichment program, the Indian refiners are finding it difficult to make payments for the crude oil imports from the country. HPCL stock is down 1.8%.

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 "Stock Market indices extend losses". Click here!