Volatility mars Indian indices

Tue, 9 Jun Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   01:30 pm   

The Indian equity markets had a subdued outing today. After starting off the session above the dotted line, the indices kept oscillating to either side of yesterday's close. Markets finally closed flat, with a negative bias. While the BSE-Sensex closed lower by around 42 points, the NSE-Nifty closed lower by around 28 points. The BSE Mid Cap and BSE Small Cap did not fare any better, as they closed moderately lower by 0.3% and 0.4% respectively. Realty and Healthcare stocks weighed heavy on the indices today.

As regards to major global markets, European shares fell extending their recent losing streak tracking a drop in Wall Street. Asian markets languished in red with stocks in Japan leading the losses. The Nikkei 225 is down 1.76%, while Hong Kong's Hang Seng is off 1.2% and China's Shanghai Composite is lower by 0.36%. The rupee was trading strong by 15 paise at 63.93 in the afternoon session.

Energy stocks ended the trading day on a mixed note with Cairn India and Chennai Petroleum being the leading losers. According to a leading financial daily, Oil and Natural Gas Corporation (ONGC) is planning to invest Rs 417 bn for bringing to production newer oil and gas fields and redeveloping ageing fields as it looks to boost output. Of the total, the company will invest Rs 241 bn in development of six projects both on the east and west coast. Another Rs 175 bn will be spent on redeveloping its prime Mumbai High fields as well as Heera-South Heera fields in western offshore. The company, which produced 25.94 million tonnes of crude oil and 23.52 bn cubic meters of gas in 2014-15, is boosting investment to reverse the declining trend in output at bulk of its old and ageing fields. The scrip of ONGC ended the trading day on a negative note (down 1.76%) on the BSE.

According to a leading financial daily, Tata Motors, India's largest automobile company, opened its flagship showroom and service facility in Riyadh. Manahil International company, a unit of Mohamed Yousuf Naghi and Brothers Group (MYNG) and the sole authorized distributor of Tata Motors in the kingdom of Saudi Arabia, has opened state of the art showroom and service facility in Riyadh. Reportedly, this facility is officially one of the largest facilities in the Gulf Cooperation Council and a commitment from Tata Motors and Manahil International in expanding their base in the kingdom. The facility is strategically located near the Industrial Area with a vast display area to showcase the entire range of products from Tata Motors and a 40 bay workshop fully equipped with most modern equipment and trained technicians to attend to every need of the customers.