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Key indices trade below dotted line
Fri, 22 Mar 01:30 pm

Led by persistent selling, Indian equity markets continued to trade in red during last two hours of trade. Barring stocks from power and banking sector all the sectoral indices are trading in red with stocks from consumer durables and realty leading among losers.

BSE-Sensex is down by 50 points and NSE-Nifty is trading down by 5 points. While BSE Mid Cap is trading down by 0.72%, BSE Small Cap index is trading down by 1.75%. The rupee is trading at 54.36 to the US dollar.

Most of the PSU stocks are trading in red with MMTC Ltd and National Hydroelectric Power Corp. (NHPC Ltd) are leading among pack of losers while. As per the financial daily, as a part of government's divestment plan, government has commenced the stake sale of SAIL shares. The floor price is set at Rs 63 per share, which is at discount of 1.4% to yesterday's closing price. At the floor price of Rs 63, government could garner ~Rs 151 bn by divesting its 5.82% stake. The government currently holds 85.82 per cent stake in the company. The Cabinet had last year approved a 10.82% of stake sale of the steel company. If the SAIL auction gets fully subscribed the total money collected through divestment would be Rs 238 bn, the highest ever realization through disinvestment in a single year. The stock of SAIL was trading down by 2%.

Auto stocks are trading mixed with Bajaj Auto and Force Motors being the major gainers and Eicher Motors and Escorts being the biggest losers. As per a leading financial daily, Tata Motors has said that its Jaguar Land Rover Ltd (JLR) business is not anticipating any negative impact on sales in the Chinese market. Reportedly, the Chinese market is JLR's fastest growing market. Chine would be implementing new fuel economy standards by 2015 that mandate stringent emission rules which can impact JLR's sales. Tata Motors has said that that JLR has undertaken steps such as downsizing engines, reduction in vehicle weight and introducing new diesel technology to gear itself for meeting the new emission norms. Tata Motors stock is currently trading down 1.6%.

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