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Indian stock markets lose further ground
Thu, 23 Feb 01:30 pm

Indian stock market indices slipped deeper into the red over last two hours of the trade. Barring FMCG, Oil and Gas and IT, all sectors are trading in the negative with Realty and Metal stocks witnessing maximum selling pressure.

The BSE-Sensex is down by 86 points, while the NSE-Nifty is down by 26 points. BSE Mid cap index and the BSE Small cap index are down by 1.3% and 1.7% respectively. The rupee is trading at 49.25 to the US dollar.

Energy stocks are trading mixed with Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) leading the gainers and Petronet LNG and Gujarat State Petronet Ltd trading the weakest. As per a leading financial daily, the promoters of Private Power projects have asked Government to substitute declining gas from Reliance Industries Ltd's (RIL) Andhra offshore field. Power companies are now pitching for diversion of gas from other fields that are currently supplying to non priority sectors. The gas plants are running well below capacity due to shortage of fuel. The promoters under the umbrella of Association of Power Producers have suggested to pool Oil and Natural Gas Corporation Limited (ONGC) gas and RIL gas and distribute it among power projects on a pro rata basis. Currently, over 7 million cubic meters per day (mscmd) from ONGC is catering to non priority sectors from ONGC. Since the decline in output from RIL fields, the Government had cut supplies to non priority industries (petrochemicals and refineries) to fertilizer and power sector. RIL has further indicated that output will slip down further to 27 mscmd in FY13 and 22 mscmd in FY14.

As per a leading financial daily, the government has given a formal nod for direct jet fuel imports to local airline companies. The decision to permit direct imports was taken at the start of the month by a group of ministers on aviation and is expected to ease the raw material cost burden for cash-strapped airline companies. This is because through direct import, the sales tax ranging from 4% to 30% across states can be bypassed.

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