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Market Update

Markets in India Look Ahead to Budget, Second Day Decline in Stocks

Author: Mukesh Buch
Last Update: 8:15 AM ET February 23 2015

6:00 PM Mumbai – Market indexes in India declined for the second day in a row ahead of financial budge from the central government. GMR Infra and DLF plans to s projects to private equity firms. Monnet Ispat won the coal block in Chhattisgarh. Rajesh Exports secured an order from UAE.

Stocks in Mumbai trading turned lower after opening higher in thin trading. Volume picked up after one hour of trading but sentiment was cautious ahead of the release of central government budge on Feb 28.

The selling in stocks was broad based and energy and consumer goods sectors stocks led the decliners and market indexes closed down for the second day in a row.

International investors sold stocks worth nearly ₹90 crore on Friday, according to preliminary data released by exchanges.

Indian rupee rose 10 paisa to 62.32 against one dollar.

The Sensex Index dropped 256.30 or 0.9% to close at 28,975.11. The CNX Nifty slid 78.65 or 0.9% to 8,754.95.

Gainers & Losers

GMR Infrastructure, Ltd. slid 1.4% to ₹18.25 after the infrastructure service provider’s unit agreed to sell its 1.09 crore shares to India Infrastructure Fund-II for ₹28.60 crore.

DLF Limited slipped 3.3% to ₹146.35 after the real estate developer plans to sell 50% stake in four new housing projects to private equity firms for ₹3,000 crore.

KSB Pumps Limited declined 2.2% to ₹704 after the pumps and industrial valves maker said net in the third-quarter slipped 7.6% to ₹9.97 crore.

Net sales soared 26.6% to ₹227.19 crore.

Monnet Ispat & Energy Limited soared 8.5% to ₹60.80 after the sponge iron maker won the Gare Palma IV/7 coal block for ₹2,619 per ton in Chhattisgarh.

Rajesh Exports Limited advanced 1.3% to ₹171.35 after the gold and diamond jewellery maker secured an export order worth ₹732 crore from A1 Malek Jewellery, UAE.

State Bank of India fell 1.9% to ₹296.25 after the financial service provider plans to decide price of shares on preferential basis to the government for ₹2,970 crore on March 24.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc