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India's Third Giant Leap

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Small caps steal the show
Tue, 18 Nov Closing

After opening in the green, the indices lost momentum in the final hours of trade thus closing below that level. While the BSE-Sensex today closed lower by 15 points, the NSE-Nifty closed lower by 5 points. Midcaps and Smallcaps witnessed a rise today. While the BSE Mid Cap index closed the day higher by 0.3%, the BSE Small Cap index closed the day higher by 0.9%. Sectoral indices closed the day on a mixed note, with capital goods and power stocks being the top gainers today.

As regards global markets, Asian indices closed on a mixed note today. The rupee was trading at Rs 61.80 to the dollar at the time of writing.

Banking stocks have ended the day on a mixed note with the gainers being led by HDFC Bank and City Union Bank. As per a leading business daily, third largest private lender Axis Bank has hit the overseas debt market with a debt issue to raise upwards of $500 million in 5.5 year bonds. These will be fixed rate senior unsecured notes in dollar denominated debt. It has further communicated that depending on the pricing and demand, the bank may raise more than the amount of $500 million through such bonds. The interest rate on these bonds is likely to be in the region of 3.25%, which will be roughly 1.7% above the yield of comparable US Treasury bonds. The funds will be raised through the Dubai branch of Axis Bank and the bonds are planned to be listed on the Singapore Stock Exchange.

Engineering stocks ended the day on a mixed note. Shanti Gears and Jain Irrigation were the biggest gainers today. With the September 2014 quarter results announcements coming to a close, many Indian engineering companies have seen their operating margins fall to multi quarter low levels. One big reason for this is the elevated state of competitive intensity that has been prevailing in the industry for the past couple of years. The over capacity situation and the resultant aggressive bidding for orders amidst the domestic slowdown has been catching up with the companies' financials. Thus leading to the trend of low operating margins amongst engineering companies this quarter.

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