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Indian stock markets again in red
Thu, 21 Jul 01:30 pm

Indian stock market moved into red on selling pressure in the index heavyweights over the last two hours of trade. Stocks from consumer durables, realty, healthcare and banking space are losing the most while those from FMCG space are trading firm.

The BSE-Sensex is down 43 points while NSE-Nifty is trading 19 points below yesterday's closing. The BSE Midcap and BSE Small cap indices are down by 0.4% and 0.3% respectively. The rupee is trading at 44.43 to the US dollar.

Sofware stocks have been trading mixed with NIIT Ltd, CMC Ltd and Infosys leading the pack of gainers. However, Mahindra Satyam and Mphasis Ltd are trading weak. Mindtree has reported its quarterly results for the first quarter of fiscal year 2011-2012 (1QFY11). The company reported revenues at Rs 4.1 bn, up 5.6% QoQ (quarter-on-quarter). The bottomline grew by a 7.8% on a quarter on quarter basis. Operating margins for the quarter stood at 11.1% as compared to 11.2% seen during the previous quarter (ended March 2011). Despite higher employee costs the company could maintain margins due to higher revenue growth as well as better operational efficiency. Attrition rates for the company stood at 25.6% which is slightly higher as compared to that seen in the previous quarter (4QFY11). The stock of the company is trading in the green.

Energy stocks have been trading mixed as well in the last two hours of the trade led by Petronet LNG, Indraprastha Gas and Gujarat State Petronet. However, IOCL(Indian Oil Corp), HPCL (Hindustan Petroleum Corpn Ltd) and BPCL (Bharat Petroleum Corpn Ltd) are trading weak. As per a leading financial daily, ONGC (Oil & Natural Gas Corpn) has withheld consent for internal restructuring of Cairn India Ltd for the past one year. The restructuring is separate from Vedanta Resources' US$ 9 bn buyout of Cairn India. Cairn India wants the stakes that its different subsidiaries hold in various oil and gas properties to be transferred into one India-based company. Since ONGC is partner holding up to 90% stake in six of the properties, Cairn India has sought a no-objection from ONGC. However, ONGC has not agreed to the proposal.

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