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Indian markets remain range bound
Tue, 7 Jul 01:30 pm

Indian Indices continued to trade slightly above the dotted line in the post noon trading session. Sectoral indices are trading mixed with mining and financial stocks leading the gainers. However, power stocks are witnessing some volatility.

The BSE-Sensex is trading up 56 points (up 0.2%) and the NSE-Nifty is trading up 17 points (up 0.2%). The S&P BSE Midcap index is trading up 0.7% and the S&P BSE Smallcap index is trading up 0.9%. Commodity prices are trading weak. Gold prices, per 10 grams, are trading at Rs 26,243 levels. Silver price, per kilogram is trading at Rs 36,003 levels. Crude oil is trading at Rs 3,366 per barrel. The rupee is trading at 63.39 to the US dollar.

Stocks in the power sector are trading on a mixed note with Adani Power and Reliance Infra leading the gainers. As per a leading financial daily, India's principal electric power transmission company Power Grid Corporation of India (PGCIL) has received an approval for four investments proposals worth Rs 22.5 bn. This was approved by the board of directors at its meeting held on July 02, 2015. The investment approval is for 'Green Energy Corridors: Inter-State Transmission Scheme (ISTS) - Part -C'. The commissioning for the same is scheduled for 36 months from the date of investment approval. The Green Energy Corridor project is aimed at transmission of renewable energy from generation points to the load centers by creating intra-state and inter-state transmission infrastructure. Stock of PGCIL is currently trading down by 0.2%.

Stocks in the textiles space are also trading mixed with Pioneer Embroid and Eastern Silk Ind. witnessing maximum buying interest. Shares of multi-product and multi-business organization SRF have touched a lifetime high after the government extended the anti-dumping duty provision on import of nylon tire cord fabric from China. This product is used as an input in automotive tire manufacturing. The government has extended this provision for another five years. The fluorine based specialty business has been growing upwards by 40-45% annually over the past five years. For this the company expects a further revenue growth of 35% over the next couple of years on the back of increasing business from global clients. Currently the stock of SRF is trading up by 1.2%.

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