Wednesday 28 August 2013

Recovery on the street; indices remain in red

Some positive buying is seen in IT, tech, FMCG and metal sectors, while PSU, oil & gas, realty, banking and capital goods sectors are showing some weakness

At 1:09 PM (IST), S&P BSE Sensex is 95 points down at 17,872, while 50-share Nifty is 43 points down at 5,243.

BSE Mid-cap is 88 points down at 5,189, whereas BSE Small-cap is 71 points down at 5,128.

Some positive buying is seen in IT, tech, FMCG and metal sectors on BSE, while PSU, oil & gas, realty, banking, capital goods and consumer durables sectors are showing some weakness.

TCS, Wipro, Jindal Steel, ITC, Infosys, Tata Power, Tata Steel and Hindalco are up on BSE, whereas ONGC, HDFC, Coal India, Gail, Bharti Airtel, Maruti Suzuki and M&M are showing some weakness.

The rupee has hit new record low at 68.70 against the US dollar. The Indian currency has dropped for the third day; Asia's worst currency. The Indian currency is 19.2% down in 2013 and has become the world's worst performing currency in August.

Reliance Industries, which is 1.01% down, has agreed to provide access to all records and cooperate unconditionally with the CAG for audit on investment in KG-D6 gas fields.

Reliance Group Chairman Anil Ambani has reportedly said that his telecom venture, Reliance Communications (RCom), would collaborate with Mukesh Ambani’s Reliance Jio in the coming months. Rcom is 0.98% down.

Rural Electrification Corp is planning to raise Rs50bn through issue of taxfree bonds. The scrip is 1.14% down.

Wipro will enter the National Stock Exchange’s 50-share Nifty index with effect from September 27, while Reliance Infrastructure would exit. Wipro is 2.59% up on BSE.

The National Commodity and Derivatives Exchange slashed transaction charges for members who register an average daily turnover of Rs. 2 billion.

SPML Infra secured new orders worth Rs. 18.02 billion.

Pratibha Industries has bagged a contract worth Rs. 2.31 billion awarded by PHED, Ajmer, Rajasthan. The scrip is 0.8% down on BSE.

Nikkei closed 208 points down at 13,338, while Hang Seng is trading 350 points down at 21,524.

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