Indian stock markets plunged deeper into losses in the last two trading hours as sell-off by industry heavyweights intensified. All the sectoral indices are in the red. Metal, banking and realty stocks are the biggest losers.
The BSE-Sensex is trading down 277 points and NSE-Nifty is trading down 83 points. The BSE Mid cap and BSE Small cap indices are down by 1.4% and 0.8% respectively. The rupee is trading at 49.80 to the US dollar.
Majority of the cement stocks are trading in the red. Madras Cement (up 1.9%) and Prism Cement (up 1.8%) are among the handful of gainers. As per a leading financial daily, cement company ACC will scale up capacity in east India by five million tonnes by 2015. Post expansion, the overall capacity of the company will increase to 35 m tonnes. Reportedly, higher capacity utilisation in the eastern region on the back of rising demand is prompting buyers to raise capacity in the region. ACC currently has an annual capacity of 9 m tonnes in the eastern region of the country. The stock is down 2.3%.
Majority of the power stocks are trading in the red. Reliance Infra (up 6.3%), Reliance Power (up 3.5%) and Torrent Power (up 1.6%) are the only gainers. As per a leading financial daily, Power Grid Corporation (PGCIL) is expected to get US$ 400 m funding from the International Finance Corp (IFC) for undertaking electricity transmission projects in the country. The cost of the proposed project is estimated at US$ 2.3-3.5 bn. The company is expected to fund 70% of the projects' cost through debt while the remaining 30% will be from internal accruals. The company has already received the board's approval for investments worth about Rs 700 bn related to 12th Plan Period (2012-17) projects. The stock is down 1.1%.
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 widen losses". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!