After opening the day in green, share markets in India witnessed volatile trading activity throughout the day and ended the day on a negative note. Sectoral indices traded mixed, with stocks in the energy sector and stocks in the banking sector, leading the losses.
At the closing bell, the BSE Sensex stood lower by 176 points (down 0.5%) and the NSE Nifty closed down by 52 points (down 0.5%). The BSE Mid Cap index ended the day up 0.9%, while the BSE Small Cap index ended the day up 1%.
The rupee was trading at Rs 73.63 against the US$ in the afternoon session. Oil prices were trading at US$ 76.85 at the time of writing.
Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was down by 0.9% and the Shanghai Composite was up by 1%. The Nikkei 225 was up by 1.5%. Meanwhile, European markets too were trading on a mixed note. The FTSE 100 was up by 0.3%. The DAX, was down by 0.4% while the CAC 40 was down by 0.3%
In news from stocks in the financial sector. According to a leading financial daily, the government is considering an outright sale of the beleaguered Infrastructure Leasing & Financial Services Ltd (IL&FS).
According to reports, the government is examining options including an outright sale of IL&FS as it tries to stem defaults at the lender with $12.6 billion of debt.
A plan is to be presented to a bankruptcy court Wednesday by the state-appointed board of the lender includes selling the entire stake to a financially strong investor and ensure business continuity.
The plan finalized by the new board led by Uday Kotak will be put up before the National Company Law Tribunal on Oct. 31. The court had approved the government’s move to take over the lender and accepted the plea that the move was crucial to protect the financial markets
Even If IL&FS Group Brought This Correction, this is Right Time to Buy & Sit Tight!
