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Selling pressure intensifies in the last hour
Tue, 9 Dec Closing

After trading in the negative territory during post noon trading session, the Indian equity markets lost further ground and closed in the red. While the BSE-Sensex today closed lower by 322 points, the NSE-Nifty closed lower by 98 points. Midcaps and Smallcaps too closed in the red today. While the BSE Mid Cap index was down by 1.57%, the BSE Small Cap index closed lower by 1.59%. Power and metal stocks were the biggest losers today.

As regards global markets, the Asian pack too closed weak. The rupee was trading at 61.88 to the dollar at the time of writing.

power stocks ended the day on a weak note. Power major NTPC has signed term loan agreements worth Rs 30 bn with two banks in order to fund its capex plans. The two banks in question are HDFC Bank and Syndicate bank and the agreement is for Rs 20 bn with the former and Rs 10 bn with the latter. The tenure of the loans is 15 years. It may be noted that NTPC has formulated a plan to become a 128,000 MW company by 2032. Currently, it is a 22,000 odd MW company. Such an expansion plan is likely to entail huge incremental capex over the years. As such, the company will have to enter into many such long term loan agreements in future as well to fund its capex needs.

Oil & Gas stocks have ended the day on a weak note. The stock of ONGC hit a 7 month low today after Brent crude continued its downward journey. It may be noted that the Brent crude fell by more than US$2 a barrel on Monday after oversupply worries worsened. Since the time crude prices started falling, the stock has been one of the biggest underperformer. Since June 06, 2014 it has already lost 24%. With the stock price falling it would be interesting to see if the government will go ahead with its planned stake sale of 5% by the end of January.

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