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Stock markets continue to slide
Thu, 23 May 01:30 pm

On the back of persistent selling pressure, Indian equity markets continued to slide further into the red in the post noon trading session. All the sectoral indices are trading in the negative territory, with stocks from the realty and capital goods sectors witnessing highest selling pressure.

BSE-Sensex is down by 296 points and NSE-Nifty is trading down by 106 points. While BSE Mid Cap is trading down by 1.89%, BSE Small Cap index is trading down by 1.87%. The rupee is trading at 55.83 to the US dollar.

Automobile stocks are trading in the red with Escorts and Maruti Suzuki being the leading losers. As per a financial daily, Mahindra and Mahindra (M&M) group company Ssangyong Motor has announced that the company has received full payment for new preferential shares allotted to its majority shareholders of M&M group. The total amount received is KRW (South Korean Won) 80 bn and the paid up capital was completed accordingly. This would increase the paid up capital and these new shares will be locked up for one year. After this, M&M's shareholding in Ssangyong motor will increase to 72.8% from 69.6% earlier. Ssangyong Motor had decided to make a third party preferential offer to Mahindra during February in order to secure more funds for new products. Other than the aforesaid mentioned amount of KRW 80 bn paid up capital, M&M will also roll over corporate bonds worth KRW 95.4 bn. This would be additional source of finance for Ssangyong Motor. M&M was trading down by 3%.

Majority of the software stocks are trading in the negative territory with Moser Baer India and Mphasis Ltd leading the pack of losers. As per a leading financial daily, according to the agreement with Federal Bank, Tata Consultancy services (TCS) will be setting up ATMs at Passport Seva Kendras (PSKs). As per the agreement, 12 ATMs will be set up in various parts of the country. The tie-up with TCS would help the bank to avail value added service. TCS was trading up by 0.12%.

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