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Banking, PSU stocks weigh on markets
Wed, 6 Jul 01:30 pm

Indian stock markets continued to trade weak over the last two hours. Stocks from the banking, PSU, and oil & gas are the main losers while those from the consumer durables and capital goods space are trading firm.

The BSE-Sensex is trading down by 42 points while NSE-Nifty is trading 13 points below the dotted line. The BSE Midcap index is down by 0.1% while the BSE Small cap index is up by 0.2%. The rupee is trading at 44.41 to the US dollar.

Telecom stocks are currently trading mixed with ADC India Communications, Idea Cellular and Bharti Airtel leading the pack of gainers. However, Tata Teleservices (Maharashtra) and Tata Communications are trading weak. As per a leading financial daily, Idea Cellular has been relieved of paying a hefty fine worth Rs 250 crore. The penalty was earlier imposed by department of telecom (DoT) on the company for holding overlapping mobile permits in five telecom circles. However, the Telecom Disputes Settlement & Appellate Tribunal (TDSAT), a quasi-judicial body that solves disputes in the telecom sector has passed an interim order in favour of the company. Previously, DoT had imposed Rs 50 crore fine for violating license conditions in the Punjab circle, which was also stopped till further notice by the tribunal.

Engineering stocks are trading mixed as well led by Suzlon Energy, Engineers India and Manugraph India. Voltas and Elecon Enginnering are trading in the red. As per a leading financial daily, Larsen & Toubro Ltd. (L&T) expects to double overseas orders in the next three coming years as the new structure helps it challenge South Korean builders for projects in the Middle East. Overseas deal currently account for less than 10% of the orders. As company divided into 9 units to improve management focus, the overseas contracts are expected to rise to 25% of the total orders. The company will focus on Gulf regions in this regard as rising oil prices and economic development spur investment in refineries and infrastructure. It is estimated that the countries in Gulf region plan to spend almost US$ 1 trillion on construction over five years. The stock of the company is trading firm.

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