Helping You Build Wealth With Honest Research
Since 1996. Read On...

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Revealed
India's Third Giant Leap

This Could be One of the Biggest Opportunities for Investors




Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
By submitting your email address, you also sign up for Profit Hunter, a daily newsletter from Equitymaster
covering exciting investing ideas and opportunities in India.

AD

Indian indices continue to slide
Mon, 3 Jun 01:30 pm

Led by persistent selling activity, Indian equity markets continued to trade weak during the post noon trading session. Barring IT and metal sectors, all the sectoral indices are trading in the negative territory. Stocks from the oil and gas and capital goods sector are witnessing maximum selling pressure.

BSE-Sensex is down by 161 points and NSE-Nifty is trading down by 62 points. While BSE Mid Cap is trading down by 0.01%, BSE Small Cap index is trading down by 0.03%. The rupee is trading at 56.63 to the US dollar.

Majority of the mining stocks are trading in the red with Gujarat NRE Coke and Sesa Goa being the biggest losers. However, Ashapura Minechem and Coal India Ltd (CIL) are trading strongly. As per a leading financial daily, the Coal Minister has said that the government is prepared to split CIL into small companies in order to promote healthy competition and boost production. The government wants to encourage public-private partnership (PPP) in coal and encourage development of state-owned mines by private firms to increase efficiency and reduce the scope of fraudulent practices. The government had invited consultants to study the structure of Coal India and recommend changes. The decision on spinning off CIL's subsidiaries will be taken on the basis of the report which is likely to be released by December 2013. CIL stock is currently up 0.8%.

Domestic pharma stocks are trading mixed. While Torrent Pharma and Aurobindo Ltd are leading among the gainers, Panacea Biotech and Orchid Chemicals were out of favour. Dr Reddy's Ltd has called off the deal signed with Japan's Fujifilm Corporation. Both the companies have decided to terminate the memorandum of understanding (MOU), signed in July 2011. As per the MOU, both the companies entered into a joint venture (JV) for generic drug formulations in Japan. However, as Fujifilm has realigned its long term growth strategy for it pharmaceutical segment, both the companies agreed to terminate the partnership. Reportedly, both the companies will continue to explore future opportunities in other pharmaceutical verticals such as API (active pharmaceutical ingredients), contract manufacturing etc. One should note that Dr Reddy's was not generating any revenues from this JV. Dr Reddy's was trading up by 1.2%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian indices continue to slide". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited).

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.