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Indian stock markets continue in the red
Mon, 19 Mar 01:30 pm

Indian stock markets extended their losses during last two hours of trade. Among sectoral indices, FMCG and consumer durable stocks were leading the gains, while IT and Realty were the biggest losers.

The BSE-Sensex is trading down by 162 points and NSE-Nifty is trading down by 57 points. However, BSE Mid Cap and BSE Small Cap indices are trading lower by 0.7% each. The rupee is trading at 50.13 to the US dollar.

Energy stocks are trading mainly in the red led by Hindustan Petroleum Corporation Limited (HPCL) and Chennai Petroleum. As per a leading financial daily, Gujarat State Petroleum Corporation (GSPC) plans to set up a 5 million tonne per annum LNG terminal at Mundra, in Gujarat by 2016. The project is expected to cost to Rs 40 bn. The project is being developed jointly by GSPC and Adani Group which have stake holdings of 50% and 25%, respectively. The third partner, Essar Group with 25% stake , has exited from the project. Reportedly a new partner will be roped in over the next 6-12 months after completion of a certain percentage of work. The stock was trading in the red.

Cement stocks have been trading mainly in the green led by Prism Cement and Heidelberg Cement. As per a leading financial daily, the share prices are up on account of reports suggesting an announcement of price hike of Rs 7-10 per bag of 50 kg with effect from March 17, post the announcement of hike in excise duty in the budget (the budget has changed the way excise duty is calculated on cement and has increased the excise and service tax rates by 2%).

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