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Indian share markets slide
Mon, 13 May 01:30 pm

Led by huge selling in index heavyweights, Indian share markets continued to slip in the post-noon trading session. All the sectoral indices are trading in the red with FMCG, capital goods and IT stocks being the major losers.

BSE-Sensex is down 267 points and NSE-Nifty is trading down 77 points. BSE Mid Cap is trading down 0.7% whereas BSE Small Cap index is trading down by 0.6%. The rupee is trading at 54.8 to the US dollar.

Majority of energy stocks are trading in the red with Essar Oil and Chennai Petroleum being the major losers. As per a leading financial daily, Gas Authority of India Ltd (GAIL) is facing difficulty in getting buyers for the gas it plans to bring from the US. The company has signed deals with US firms to source 7 million tonnes (MT) of LNG from 2017-18. But in an uncertain investment climate, domestic power and fertilizer firms are not willing to make long-term purchase commitments. In the absence of firm commitments, the company will be forced to trade the gas in the international markets. The company has also reduced its capital expenditure target for FY14 in the light of the weak investment scenario. GAIL stock is currently 0.6% down.

Most of the automobile stocks are trading in the red, with Tube Investments and TVS Motors leading among the pack of losers. As per a leading financial daily, Mahindra & Mahindra (M&M) plans to modify some of its vehicles in order to avoid 3% additional excise duty on sports utility vehicles (SUV) as its sales have come under pressure. This step was taken as the excise duty on SUVs has increased from 27% to 30%. The change in the excise duty has impacted the company's sales during the month of April 2013. Reportedly, in order to manage the excise duty at 27%, M&M will make some modifications in its models, based on three parameters viz., less than 4 meters length, below 1.5 liter engine capacity or ground clearance of lesser than 170 mm. M&M stock is trading down by 0.96%.

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