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Selling Momentum fuels Indian Indices
Tue, 26 May Closing

Indian equity markets fell for the second consecutive day amid downfall in European markets. While the BSE-Sensex closed lower by 113 points, the NSE-Nifty closed lower by 30 points. S&P BSE Midcap and S&P BSE Smallcap, ended the day marginally below the dotted line. Among sectoral indices, stocks from oil and gas sector lost the most followed by Realty and FMCG. Only Banking and Power stocks found investors support.

Asian shares turned higher in the day, reversing earlier losses on the back of gains in Hong Kong and China. European markets are trading lower today with German index being the biggest lose. The DAX is down 0.71%, London's FTSE 100 is down 0.53% and France's CAC 40 is lower by 0.04%.

The rupee dipped by 38 paise to 63.95 in the mid-session on heavy demand for dollar from importers and on the back of dollar's strength against other foreign currencies.

Engineering stocks are trading mixed today with Honeywell Automation and Bharat Bijlee being the top losers. Shares of Punj Lloyd surged over 3 per cent to Rs 27 after the announcement made by the company that it has secured a 41 km long, Rs 5.4 bn, road project from the National Highways Authority of India (NHAI) in Bihar. The work under the project includes four-laning of the Gorakhpur-Gopalganj section of NH-28 in Bihar. The company till date has executed over 16 highway projects for NHAI and the current project is scheduled to be completed in 24 months. Also in its fourth quarter result, the company has posted net profit of Rs 2.7 bn against Rs 5 lakh in the corresponding quarter a year ago.

Food and Tobacco stocks are also trading on a mixed note. United Spirits and Nestle are the major losers in this sector today while Wadala Commodities is witnessing maximum buying interest. Shares of Nestle plunged as much as 5.8% in intraday trade today following reports that the Uttar Pradesh (UP) FDA may file case against the company in one week's time. The UP FDA and Maharashtra FDA have raised concerns about high level of lead in Maggi, a Nestle brand which accounts for 80 per cent of noodle market in India. The Maggi brand of products, which includes noodles, sauces, soups and cooking aids, accounts for nearly one-third of the company's total revenues and is the only segment where volumes grew for the year 2014.

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