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Markets continue in the red
Mon, 11 Jul 11:30 am

Indian stock market indices made further inroads into the negative territory during the previous two hours of trade after opening weak today. All sectoral indices are trading in the red except for FMCG , healthcare and Oil and gas.

The BSE-Sensex is down by 91 points while NSE-Nifty is trading 20 points below Friday's closing. BSE-Midcap and BSE-Small cap indices are trading flat. The rupee is trading at 44.37 to the US dollar.

Power stocks are trading weak led by Jaiprakash Power and Coal India. As per a leading daily, NTPC has signed a loan agreement with the country's largest lender State Bank of India. The Rs 100 bn agreement is the largest loan extended to any company by SBI. The loan has been taken for the purpose of financing the capital expenditure of ongoing and upcoming projects. It may be noted that NTPC plans to increase its installed capacity to 75,000 megawatt and 128,000 megawatt by 2017 and 2032 respectively as against the existing capacity of 34,584 megawatt. The power sector in India has been facing shortage of funds. The sector will need an investment of US$ 400 bn during the 12th Plan. In this, NTPC alone would require Rs 300 bn annual investment i.e. Rs 15 trillion during the 12th plan. The power company is looking at sourcing funds through debt. It may be interesting to note here that the Indian banks' exposure to power projects has been increasing lately. It now stands at 62% amounting to Rs 2,423 bn.

Auto stocks are trading mixed with M&M and Tube Investments trading firm, while Maruti Suzuki and TVS Motors are trading weak. As per a leading financial daily, Maruti has lined up several new launches to check its falling market share and pile up of inventory. The company plans to launch a new version of Swift in August. A new version of Dzire and a new multipurpose vehicle, called RIII till now is also slated for launch before December. It may be noted that as per the company's estimates, it lost market share to the extent of 3% in 1QFY12 while its operating margin is lower by 1.5% for the same period. Dealer inventory rose to 30 days in the June quarter against 2-3 weeks earlier.

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