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Broad markets remain weak
Fri, 26 Sep 01:30 pm

Indian stock markets continued to remain under pressure across market segments during the previous two hours. Selling pressure is led by the mid and the small cap stocks. Heavy selling is seen among stocks from consumer durables and auto sectors, whereas metals and pharma stocks are trading firm.

The BSE-Sensex is trading down by 5 points and the NSE-Nifty is trading flat at the time of writing. The BSE Mid Cap index is trading down 0.5% and the BSE Small Cap index is trading down 0.8% today. The rupee is trading at 61.57 to the US dollar.

Engineering stocks are trading mixed with Suzlon Energy and Finolex Cables being the major losers whereasKalpataru Power and Jindal Drilling are trading in the green. As per a leading financial daily, joint venture of Alstom and Bharat Forge, Alstom Bharat Forge Power has entered into a contract to supply equipment valued at 130 m euros to largest power generation company NTPC. The contract is for NTPC's Tanda coal power plant in Uttar Pradesh. The equipment for the project will be manufactured at the joint venture firm's manufacturing plant at Sanand in Gujarat. The plant will be commissioned in October 2014. The joint venture company's scope of work involves engineering, manufacturing, testing, supply, erection and commissioning of two 660 MW supercritical turbine islands and auxiliaries for the plant. Alstom stock is trading up marginally.

Paints stocks are trading on a mixed note today. While Berger Paints is leading the pack of gainers, Asahi Songwon is trading weak. As per a leading business daily, Asian Paints will be investing Rs 24 bn to set up a new manufacturing unit in Nanjangud in Karnataka. It is reported that the State High Level Clearing Committee has recently cleared 175 acre area project for the company. Asian Paints expects to set up the manufacturing plant with a capacity of 6 lakh kiloliters per day. The company will roll out the project in two phases with capacity of 4 lakh kiloliters per day in the first phase and the remaining 2 lakh kiloliters per day in the second phase. Although the project ran into hurdles with respect to land acquisition earlier, the Karnataka state government has fast tracked to approve it. The stock of Asian Paints is trading higher by 0.6% today.

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