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Indian Markets open in red
Tue, 2 Jun 09:30 am

The major Asian stock markets have opened on a negative note with stock markets in Singapore (down 1.3%) and Hong Kong (down 0.7%) bearing the maximum burnt while Taiwan was trading marginally positive (up 0.02%). US and European stock markets closed their session on a positive note. The rupee is trading at 63.66 per US dollar.

Indian markets have opened the trading session on a negative note today. BSE Sensex is trading lower by 109 points (down 0.4%) and NSE-Nifty is trading lower by 20 points (down 0.2%). BSE Mid Cap and BSE Small Cap index indices are also trading in the red, down by 0.2% and 0.4% respectively. Among the sectoral indices, energy and software are the leading losers while auto and engineering were leading the gains.

Stocks in the energy sector have opened the day in red. As per a leading financial daily, Oil and Natural Gas Corporation (ONGC) is all set to invest Rs 50 bn in coal bed methane (CBM) blocks. Reportedly , the company has so far spent about Rs 510 bn on the four CBM blocks. The company holds some prolific CBM blocks in Jharia, Bokaro and North Karanpura in Jharkhand and Raniganj in West Bengal. ONGC has one of the most prolific CBM blocks in the country and sells CBM gas from existing wells at Parbatpur in the Jharia block at an approved price of $5.1/million British thermal units.

Automobile stocks have opened the day on a mixed note. As reported in financial daily, sales of Ashok Leyland, the Hinduja Group's flagship company, have witnessed sharp surge in the units sold for the month of May 2015. The company reported a 40% YoY increase in the total units sold during the month of May. Sales of heavy and medium commercial vehicles surged by 41% YoY during the same period. The sales for Light commercial vehicles rose by 37.4% YoY for the month. It is imperative to note, this is the second consecutive month of double digit growth for the company after reporting a 43% YoY volume growth in the month of April. Stock of Ashok Leyland has opened the day on a negative note.

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