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Indian markets face downside
Mon, 29 Jun 01:30 pm

Indian share markets continued to witness downside in the post-noon trading session amid global uncertainty. Among the sectoral indices, aluminum, banking and pharma stocks are witnessing maximum selling pressure.

BSE-Sensex is down 413 points (1.5%) and NSE-Nifty is trading 132 points down (1.6%). BSE Mid Cap & BSE Small Cap indices are also trading in red, down by 2.1% and 2.2% respectively. In commodity markets, Gold, per 10 grams, is available at Rs 26,720 levels. Silver price, per kilogram, is trading at Rs 36,225 levels while crude oil is trading at Rs 3,751 per barrel. The rupee is trading at 63.90 to the US dollar.

Engineering stocks are trading on a negative note with Honeywell Automation and Jain Irrigation leading the losers. L&T construction, subsidiary of Larsen & Toubro (L&T), has won orders worth Rs 20 bn across various business segment in June 2015. Under Buildings & Factories Business, it has secured new orders for the construction of office spaces including add-ons. Under Transportation Infrastructure Business, it has won a major EPC order for the construction of 109.54 kms of four lane dual carriage of the Solapur, Maharashtra - Bijapur, Karnataka road. Further a major order was secured from a global information technology solution provider for the turnkey construction of their office building in Hyderabad. L&T is one of the largest companies in India's private sector engaged in the business of technology, engineering, construction, and manufacturing.

Stocks in the banking sector are also trading in red with Union Bank and Oriental Bank bearing the maximum burnt. As per a financial daily, state owned Union Bank of India is planning to raise Rs 25 bn through qualified institutional placement (QIP) next month. In the recently held AGM, the bank has received its shareholders' approval for raising capital up to Rs 37 bn. This approval for raising funds included capital infusion by the government, through public issue and/or rights issue or private placement. For the full fiscal 2014-15, net profit for the bank increased to Rs 17.8 bn as against Rs 16.9 bn in financial year 2013-14. Currently the stock of Union Bank is trading down nearly 5%.

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