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No Respite from Selling Pressure
Tue, 21 Apr Closing

The Indian benchmark indices, BSE-Sensex and NSE-Nifty closed lower today. The Sensex witnessed a choppy session to end the day at 27,676.04, down 210.17 points. The broader 50-share Nifty closed the session at 8,377, down 70.35 points. The S&P BSE Midcap and S&P BSE Smallcap indices also ended the day in the red. Midcap was down by 0.5% and small-cap declined by 0.3%. Majority of the sectoral indices ended in the red barring metal and consumer durables. Healthcare, Auto and Oil & Gas witnessed maximum selling pressure.

Gold prices were trading flat at Rs 26,840 per 10 grams at the bullion market today amid a weak global trend and low demand from jewelers and retailers. As regards global markets, most other Asian indices closed higher today. European indices, unlike the Indian indices have opened in the positive as upbeat European earnings reports and expectations of a sixth straight rise in German business confidence helped offset worries about a possible Greek default. The rupee was placed at Rs 62.92 to the dollar at the time of writing.

Steel stocks languished in the red today with Tata Sponge and Bhushan Steel being the leading losers. According to a leading financial daily, South Korean steel major Posco and state-run Steel Authority of India (SAIL) would jointly set up a 3-million tonne integrated plant in Jharkhand with an estimated investment of about Rs 180 bn. Both the companies have resolved their earlier differences on ownership of the proposed project. Reportedly, SAIL and Posco would hold 49% stake each and the remaining 2% would be held by a financial institution. SAIL ended the day on a positive (up 0.4%) on the BSE.

According to a leading financial daily, Havells India on Monday announced that it has acquired a 51% stake in Bangalore based LED and solar lighting products maker Promptec Renewable Energy Solutions at an enterprise value of Rs 650 million. This acquisition marks Havells India's entry in the solar energy segment. Post acquisition, the promoter group of Promptec would continue to hold a 49 per cent stake in the company. According to the Company's chairman, Havells India has plans to take share of LED lighting to over 40-50% of its total lighting sales and to grow aggressively in the LED space with short development cycles for new products.

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