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India's Third Giant Leap

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Indian markets bleed
Wed, 6 May Closing

The Indian benchmark index fell 2.71% to its lowest figure in four months on the back of strong selling, and continued offloading by foreign investors amidst MAT worries. The Sensex witnessed a disastrous session to end the day at 26,704.05, down 736 points. The broader 50-share NSE-Nifty closed the session below 8,090, down 233.95 points. BSE Mid Cap and BSE Small Cap index also ended the day deep in the red. Midcap was down by 3.36% and small-cap declined by 3.15%. Banks and capital goods stocks which recently had received a lot of traction witnessed maximum sell-off today. Consumer Durables and IT stocks were the least affected.

A worldwide selloff in government bonds deepened, with the rise in bond yields spreading unease across all asset classes and putting stock markets around the world under pressure. European equities continued to crumble after a rout on Tuesday. Asian markets also ended the day in negative barring Nikkei. The rupee was placed at Rs 63.64 to the dollar at the time of writing.

According to a leading financial daily, State-owned power equipment manufacturer BHEL has commissioned GVK Group's 82.5 MW green-field hydro electric projects in Uttarakhand. The project is designed to utilize the waters of River Alaknanda by way of a diversion dam. The company's responsibilities in the project include design, manufacture, supply, installation and commissioning of 4 units of 82.5 MW Francis turbines, among other works.

Mining stocks languished in red with Coal India and Hindustan Zinc bearing most of the brunt. According to a leading financial times, Hindustan Zinc and Cairn India have signed a pact with the government of Rajasthan to invest Rs 205 bn in the state in the next three years. Both companies are subsidiaries of Vedanta Resources. Hindustan Zinc, the world's second biggest zinc producer, operates the world's third largest open-pit mine, and world's largest Zinc Mine in Rampura Agucha, Rajasthan. Cairn India's Mangala field in Rajasthan is the largest onshore oil discovery in India in more than 20 years. Reportedly, these and two other fields in the state have combined gross recoverable oil reserves and resources of more than 1 billion barrel oil equivalents.

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