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Sell off in final hour!
Mon, 28 Sep Closing

After trading range bound for majority of the day, the Indian equity markets lost ground in the final hour, closing in the red amid weak European markets. The BSE Sensex today closed lower by 247 points, while the NSE-Nifty closed lower by 73 points. Mid and smallcaps too followed this trend and closed in the negative. The BSE Mid Cap and the BSE Small Cap closed lower by 0.2% each. Stocks from capital goods and metal sector witnessed majority of the selling activity.

Asian equity markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.43% and the Shanghai Composite rose 0.27%. The Nikkei 225 lost 1.32%. European markets are sharply lower today with shares in Germany off the most. The DAX is down 1.39% while France's CAC 40 is off 1.35% and London's FTSE 100 is lower by 1.15%. The rupee was trading strong at 66.08 against the US$ in the afternoon session.

According to a leading financial daily, Bharat Heavy Electricals (BHEL) has successfully commissioned a 250 MW coal-based thermal power plant in Gujarat. The unit has been commissioned at Gujarat State Electricity Corporation’s (GSECL) Sikka Thermal Power Station (TPS) by BHEL, on Engineering, Procurement and Construction (EPC) basis. Sikka TPS is located near Jamnagar, one of the major industrial towns of Gujarat. This is the second unit of 250 MW rating to be commissioned by BHEL at Sikka TPS. The company had earlier commissioned the first 250 MW unit at Sikka in March, 2015. In addition, two units of 120 MW each, supplied and executed earlier by BHEL, are already in operation at Sikka.

stocks ended the day with moderate losses with Axis Bank and Kotak Mahindra Bank bearing majority of the brunt. Shares of SBI surged after it was reported that it received shareholders' approval for raising Rs 53.93 bn by issuing preferential shares to the government. With the issuance of 196.5 million shares, the government's holding in SBI will increase from existing 59.15% to 60.18%. The shareholders' nod for issuance of preferential shares was received in a meeting held on September 24, 2015. The bank has already fixed issue price of Rs 274.37 per share of face value of Re 1 each.

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