The final trading hour saw the broader markets closing deep in the red, led by heavy selling in index heavyweights mainly on account of weak global cues. Heavyweights from the consumer durable and auto sectors bore the brunt of selling activity. As regards global markets, while the Asian indices closed in the red, the European indices are witnessing a negative trend currently.if
The BSE Sensex closed lower by almost 250 points while the NSE Nifty closed lower by 70 points. While the BSE Midcap index closed lower by 1%, the Smallcap index closed marginally lower. The rupee was trading at 50.31 to the dollar.
The broader markets opened the day’s proceedings on a positive note. While the morning session was witness to the indices scaling higher, this optimism fizzled out in the afternoon session. The indices started moving southwards and continued to languish in the red till the closing bell rang. The overall market breadth was negative with losers outnumbering gainers by a ratio of 1.1 to 1 on the broader BSE. Tata Steel (up 2%) and Grasim (up 1%) led the pack of gainers on the Sensex today, while Maruti Suzuki and DLF (down 10% each) featured among the key losers.
As per a leading business daily, TVS Motor’s two-wheeler sales for November fell 12.7% to 98,402 units from 112,766 units a year ago. The company has witnessed a decline in domestic sales mainly on account of liquidity crunch which restricted availability of retail finance to consumers. This in turn negatively impacted demand for two-wheelers. It should be noted that in 2QFY09 the company registered 23% YoY growth in the topline led by the motorcycles segment, where overall volume improved by a strong 26% YoY. Sales of motorcycles in the domestic market (14% YoY) grew by a lot less as compared to exports. Among other segments, scooters managed to grow only marginally. While TVS Motors closed higher by 2%, its peer Bajaj Auto ended lower by 5%.
As per a leading business daily, BHEL is planning to establish a joint venture (JV) for thermal power plants using supercritical technology. The company is in talks with several state governments, including those of Gujarat, Karnataka, Orissa and Madhya Pradesh, to establish this JV.
Supercritical thermal units are high-efficiency power generation sets capable of producing about 25% more electricity than the critical units, while using the same amount of coal. These power plants will have supercritical thermal sets made by BHEL, each with a capacity to generate 800 MW of electricity.
At present BHEL built sets account for around 86,000 MW, or 64%, of India’s power generation capacity of 135,000 MW. With this JV, BHEL will add on to its capacity providing it a strong revenue potential going forward. While BHEL closed lower by 6%, its peer L&T ended lower by 3%.
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Dec 03 03:05 AMAaron Lee Smith, MD of Superfund Financial mentions a rally coming soon but downside risks are there and eventually stocks are a dangerous place to be in.
www.youtube.com/watch?...