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Indian share markets remain in red
Thu, 13 Jun 11:30 am

Indian share markets have slipped in red during the previous two hours of trade with only the consumer durables sector trading in green. FMCG and Auto are facing the maximum selling pressures.

The BSE Sensex is down by 232 points and NSE-Nifty is down by 53 points. BSE Mid Cap and BSE Small Cap indicesare both down by 1%. The rupee is trading at 58.45 to the US dollar.

Most of the Power sector shares are trading in red barring few with NHPC Ltd and Tata Power leading the gains while Jaiprakash Power and KSK Energy are facing the maximum selling pressures. According to a leading financial news medium, National Thermal Power Corporation.(NTPC) has strengthened its position vis-a-vis the other major power generating companies with the substantial capacity addition in FY13. The company has added highest capacity of 4170 MW and in turn met the 30% of the target set for the twelfth five-year plan. Ironically, NTPC had reported poor earnings for the last quarter of the financial year gone by, but it seems to be on track for achieving its target and stands strong in terms of operational risk. In the light of power related issues such as fuel supply, outstanding dues from State electricity boards and overleveraged balance sheets confronting many private power companies, NTPC seems to be an attractive bet. NTPC share is trading down by 1.4%.

Retailing shares are trading on a mixed note with Titan Industries and Provogue Ltd leading the gains while Trent Ltd and Future Retail are leading the losses. According to leading financial news daily, Titan Industries, the Tata Group firm suffered a huge setback with respect to downfall in stock price after the Reserve Bank of India (RBI) clarified that all gold imports for domestic consumption can be made only with 100% cash margin. In its statement, the company stated that credit of any kind from suppliers or bullion banks for importing gold for domestic use is prohibited. The company further mentioned that this move also affects import of gold through all non consignment routes like gold on lease/loan. That said, the jewellery business that contributes almost 80% to Titan's revenues grew by close to 15% YoY during FY13. While the news report also speaks about the temporary impact of this new policy on Titan industries, given the focus on maintaining profitability, it remains to be seen how the things shape up from here on.

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