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Markets fall further post noon
Fri, 30 Jan 01:30 pm

The Indian markets fell deeper into the red during the post noon trading session. While stocks from the power and realty spaces are leading the pack of gainers, those from the consumer durables and banking spaces are leading the pack of losers.

BSE-Sensex is down 410 points and NSE-Nifty is trading 122 points down. BSE Mid Cap is trading down 0.27%, whereas BSE Small Cap index is trading down by 0.23%. The rupee is trading at 61.49 to the US dollar.

Energy stocks are trading weak. Gujarat State Petroleum and Chennai Petroleum are the trading the weakest. According to a leading financial daily, State run Bharat Petroleum Corporation Limited (BPCL) is planning to raise $2 billion through medium term notes to finance its capital expenditure. BPCL is the third largest refiner in the country with a capacity of 30.5 m tonnes per annum (mtpa) accounting for 14% of refining capacity in India. It is also the second-largest marketer of petroleum products with a 21% market share. BPCL has outlined a capex of more than Rs 300 bn over the next four years. The largest part of the capex is for the expansion of the Kochi refinery to 15.5mtpa from the current 9.5mtpa at a cost of around Rs 165 bn. BPCL also plans to invest Rs 130 bn in hydrocarbon exploration and production in Mozambique and Brazil over the next four years.

Finance stocks are trading weak with Motilal Oswal and Edelweiss Financial being the weakest. India's top mortgage lender, Housing Development Finance Corporation (HDFC), posted a 12% rise in net profit to Rs 14.25 bn for the third quarter of FY15 on the back of higher loan growth. Income from operations rose 12.9% to Rs 67.58 bn. The firm's third-quarter net interest income stood at Rs 20.17 bn. Net interest margin stood at 3.93% in the quarter under review, compared with 3.98% in the year-ago period.

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