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Indian markets trade weak
Fri, 24 Jul 01:30 pm

Indian Indices continued to trade in negative territory in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the software and banking sectors leading the losses.

The BSE-Sensex is trading down by 79 (down 0.3%) and the NSE-Nifty is trading down by 21 points (down 0.3%). The BSE Mid Cap index and the BSE Small Cap index are trading marginally up. Gold prices, per 10 grams, are trading at Rs 24,535 levels. Silver price, per kilogram, is trading at Rs 33,725 levels. Crude oil is trading at Rs 3,126 per barrel. The rupee is trading at 63.94 to the US dollar.

Stocks in the finance sector are trading on a mixed note with IDFC Ltd and Indiabulls Financial Services witnessing maximum buying interest. According to financial times, India's leading integrated infrastructure finance player Infrastructure Development Finance Company Ltd (IDFC) has reported that the Reserve Bank of India (RBI) has granted a banking license to IDFC Bank Ltd. This will make IDFC the second lender to enter the banking sector after more than a decade. IDFC Bank plans to start operation from October 1 with an initial loan book of around Rs 550 bn. The bank proposes to start operations with 20 branches. The company has almost completed the process of demerger of financial undertaking into IDFC Bank. Stock of IDFC is currently trading up by 4.3%.

Automobile stocks are also trading mixed with Ashok Leyland and Tata Motors facing maximum burnt. As per a leading financial daily, Maruti Suzuki is all set to launch another premium compact car, code named YRA, through the company's top-end retail outlets Nexa. The company is looking to expand the premium retail format Nexa to attract new-age buyers. S-Cross, the first car from the retail outlet, will be introduced on August 5 which will take the number of outlets to 30-40 by then. Further, by the end of this year, the company is aiming to have around 100 outlets across the major towns and cities. Presently the stock of company is trading marginally up.

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