Indian Market Closes Marginally Lower After Strong Opening; Mayur Uniquoters Locked in 20% Circuit
Indian markets closed slightly negative on Tuesday after a strong opening. Market analysts were expecting a strong close for Indian stocks after Dow Jones jumped by nearly 2.3 percent on Monday. BSE Sensex opened with nearly 200 points gain and markets remained positive for most part of the trading session. However, around 2 pm, market witnessed a quick slide and lost nearly 350 points within 30 minutes.
For the first time, ONGC reported quarterly loss of Rs 3098 crore due to impairment loss registered by the oil and energy major. Among most active stocks in today’s trading session were Bajaj Finance, Reliance Industries, HDFC Bank and ICICI Bank. Majority of blue-chip stocks opened strong on Tuesday but as markets slipped, many of them closed in negative territory.
Mayur Uniquoters was locked in 20% upper circuit today at Rs 205. IDBI Bank, Shree Renuka Sugars, Gujarat Gas and Escorts touched 52-week high in today’s trade. Among top gainers in today’s trade were ACC, Jindal Steel, Max Financial Services and Bosch.
Indian government has banned many Chinese apps and this move has been termed as unfair by Chinese government. Due to border tussle between Indian and Chinese armies, many people in India have urged government to ban Chinese products. However, it will be really difficult for India to ban Chinese products. India should rather compete with Chinese manufacturers and improve quality and pricing of products made in India. That would be a much better option that announcing a ban on Chinese products which would not be a practical solution.