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Indian markets trade flat
Tue, 9 Jun 01:30 pm

Indian Indices are trading flat in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the aluminum and consumer durables sectors leading the gains.

The BSE-Sensex is trading marginally up 0.05% and the NSE-Nifty is trading marginally down by 0.15%. The BSE Mid Cap index and the BSE Small Cap index are both trading marginally down by 0.2%. Commodity prices are trading on a negative note. Gold prices, per 10 grams, are trading at Rs 26,780 levels. Silver price, per kilogram, is trading at Rs 36,850 levels. Crude oil is trading at Rs 3,743 per barrel. The rupee is trading at 63.90 to the US dollar.

Stocks in the steel space are trading mixed with Tayo Rolls and JSW Steel leading the gains. As per a leading financial daily, public sector company Sail Authority of India Limited (SAIL) has set a target to produce 50 million tonnes per annum (MTPA) of steel by 2025. The estimated investment for the same is set at Rs 1,500 bn. Steel plants for the company will be expanded from a capacity of 13 MTPA to 23 MTPA at an investment of Rs 610 bn. At present, the PSU has a production of 13 million tonnes which would be augmented further to 23 million tonnes by September this year. Currently the stock of SAIL is trading at Rs 62.6 levels, down 0.08%.

Finance stocks are trading on a mixed note with LIC Housing Finance and Mahindra Finance leading the losses. Housing Development Finance Corporation (HDFC), the largest mortgage lender in the country, has said that it will raise as much as Rs 50 bn by selling bonds during the fiscal year. Proceeds from these funds will be utilized to raise its holdings in HDFC Bank which fell last year due to a share sale by the bank. Also part of the funds will also be utilized to lend to customers to buy homes. For this, the lenders are going to seek its shareholders approval at the annual general meeting (AGM) which is scheduled for 28 July 2015. At the time of writing, stock of HDFC was trading up by 0.8%.

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