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Banks drags Indian stock markets
Mon, 26 Mar 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in Japan (up 0.1%), China (up 0.1%) and Malaysia (up 0.1%) are in the green. However, markets in Taiwan (down 1.3%), Korea (down 0.4%) and Indonesia (down 0.2%) are in the red. The Indian stock markets have opened the day on a weak note. Stocks in the banking and IT space are leading the losses.

The BSE-Sensex is trading down by 118 points (0.7%) while the NSE-Nifty is down by around 35 points (0.7%). Mid cap and small cap stocks are trading in the red, with the BSE Mid cap and BSE Small cap indices down by 0.2% and 0.1% respectively. The rupee is trading at Rs 51.15 to the US dollar.

Auto Stocks have opened the day on a firm note with Maruti Suzuki and Tata Motors (Telco) in the red. Maruti Suzuki has planned to free up some fresh space at its Gurgaon plant for engine production. The Gurgaon plant currently produces about 900,000 cars. However, the company plans to reduce the car manufacturing capacity and use the space for engine production. By 2015, it is expected to reduce the car production to 500,000 units. The company estimates that freeing 100,000 car capacity will give space for producing 200,000 to 300,000 engines. In addition to this, the company's management said that the Gurgaon facility's location in an increasing residential area which is leading to higher process times and lower efficiency for cars production.

Energy Stocks have opened the day on a weak note with Reliance Industries and Cairn India in the red. Reliance Industries Ltd and Indian Oil Corporation (IOC) are expected to increase their crude oil off-take for 2012-2013 from Cairn India. This increased off-take will come from the Cairn's oil fields in Rajasthan. As on date, Reliance is procuring nearly 80,000 barrels per day from that field. IOC, a comparatively smaller player, is also procuring around 20,000 barrels per day. Another player, Essar Oil takes 4,000 barrels per day. Recently Cairn has reported around 150,000 barrels a day production, which indicates an increase 20% from Barmer field. Similarly, Bhagyam field has approved an increase of 40,000 barrels per day to 60,000 barrels per day. This increase in crude production will help the Indian refiners to procure more crude within India.

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