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Realty, banking least preferred today
Fri, 4 Sep Closing

The Indian equity markets lost further ground and closed the day deep in the red on weak global cues. While the BSE Sensex today closed lower by 563 points, the NSE-Nifty closed lower by 168 points. BSE Mid CapBSE Small Cap too got butchered, with their respective indices closing lower by 2% and 2.5% respectively. Realty and banking stocks were the biggest losers today. All of the sectoral indices closed weak today.

Asian stock markets finished broadly lower. The Nikkei 225 was down by 2.15% while Hong Kong's Hang Seng was off by 0.43%. China's Shanghai Composite came in lower by 0.20%. European markets fell sharply as well as fears surrounding the US nonfarm payrolls report weighed on sentiments. The rupee was trading a tad lower at 66.40 against the US currency in the afternoon session.

Shares of Coal India ended the day in green after the company recorded an output of 36.21 million tonnes (MT) in August, down by 3.82% as compared to its production target of 37.65 MT. The company has achieved an output of 192.37 MT in the first five months of the current fiscal, missing its target of 196.73 million tonnes. The company's output target for the current fiscal is 550 million tonnes. Coal India missed the production target for the financial year 2014-15 by 3% recording an output of 494.23 million tonnes. The government has set an ambitious one billion tonnes coal production target for Coal India by 2020.

Paint stocks languished in red with AKZO Nobel and Asahi Songwon being the major losers. According to a leading financial daily, Asian Paints is planning to increase its capacity by 60% or 600,000 kilo litres per annum to its existing capacity of 1.000,000 kilo litres. The company will add 400,000 kilo litres capacity through the proposed greenfield project at Visakhapatnam in Andhra Pradesh, while 200,000 kilo litres will come through the doubling of capacity of the existing Rohtak facility (in Haryana). These expansion plans will be executed in a phased manner. The company is believed to have obtained 110 acres from the State government.

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