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Indian markets opens flat
Tue, 28 Jul 09:30 am

Barring Hong Kong stock market (up 1.4%), the major Asian stock markets have opened the session on a negative note with markets in China (down 1.01%) and Singapore (down 0.7%), witnessing maximum selling pressures. The stock markets in US and European closed their session on a weak note yesterday. The rupee is trading at 64.05 per US dollar.

The Indian stock markets have the day on a flattish note. BSE-Sensex is trading down by 23points (down 0.06%) and NSE-Nifty is trading down by 7 points (down 0.08%). BSE Mid Cap is trading down by 0.23% while BSE Small Cap index is trading up by 0.18%. Sectoral indices have opened on a mixed note, with stocks from realty and metal pack witnessing maximum brunt. Stocks from consumer durables and capital goods are among the leading gainers.

Stock in the banking sector are trading on a negative note. As per an article in the economic times, the largest private sector lender ICICI Bank has put two stressed assets with an exposure of Rs 10 bn on the block to be sold to asset reconstruction companies (ARC). The bank had reported an increase in its gross non-performing assets ratio at 3.78 per cent in March 2015 and had said a bulk of NPAs is coming from assets restructured earlier. The two accounts include Tulip Telecom worth Rs 7bn and Falcon Tyres worth Rs 3bn. Both have been declared as non-performing assets. ARCs were not keen to pick loans from banks after the Reserve Bank had asked ARCs to pay three times more upfront amount from 5 to 15 per cent of the asset value. Following this, there was a massive drop on fresh asset sales by ARCs. ICICI Bank is trading marginally up.

Stocks in the Information Technology sector are trading on a mixed note. Tech Mahindra reported its results for the quarter ending June 2015. The company reported a net profit of 6.76bn, up 7.2% y-o-y and up 43% sequentially. Foreign exchange gain worth 0.93bn boosted the bottom line. Revenue grew 22.9% y-o-y and the company's dollar revenue grew by just around 0.5% sequentially. The company's earnings before interest, tax, depreciation and amortisation (EBITDA) margin stood at 14.9 per cent in the quarter and contracted 32 basis points sequentially. Tech Mahindra is trading up by 1.1%

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