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India's Third Giant Leap

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Final hour sell off!
Wed, 2 Sep Closing

After opening the day on a flattish note, the Indian stock markets ended the day on a disappointing note as selling activity intensified towards the end. The Sensex today ended lower by 242 points while the NSE-Nifty ended lower by 69 points. The S&P BSE Midcap ended the day lower by 0.82%. However, S&P BSE Smallcap index ended with gains of 0.15%.

Asian stock markets finished on a mixed note at the most recent closing prices. Both Nikkei and Shanghai Composite ended the day lower by 0.4%. The rupee was trading at 66.15 against the US$ in the post noon session.

Stocks in the automobile space closed on a weak note with M&M and Bajaj Auto leading the losers. As per an article in Economic Times, Bajaj Auto has reported a 2% YoY increase in total sales volumes for the month of August 2015. Motorcycle sales grew by 2% during the month. However, the commercial vehicle sales witnessed a YoY decline of 2% during the concerned period. Exports on the other hand were up by 4% on a YoY basis.

Stocks in the oil and gas sector ended the day on a weak note with ONGC and HPCL leading the pack of losers. As per an article in Business Standard, the cabinet today has approved auction of 69 small and marginal oil fields of state-owned ONGC and Oil India to private and foreign firms. The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi, today approved auctioning of the fields that state-owned firms are surrendering because they were uneconomical to develop due to government's subsidy sharing mechanism. The fields will be bid out on the basis of revenue share or the share of oil and gas a bidder offers to the government upfront. ONGC ended the day on a negative note.

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