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Indian markets slide lower
Wed, 12 Aug 01:30 pm

After trading on a bearish note in the early session of the day, the Indian Indices have added to their losses in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the mining and aluminum sectors leading the losses.

The BSE-Sensex is trading down by 187 (down 0.7%) and the NSE-Nifty is trading down by 66 points (down 0.8%). The BSE Mid Cap index is trading down by 1.7% and the BSE Small Cap index is trading down by 1.3%. Gold prices, per 10 grams, are trading at Rs 25,780 levels. Silver price, per kilogram, is trading at Rs 35,485 levels. Crude oil is trading at Rs 2,810 per barrel. The rupee is trading at 64.85 to the US dollar.

Power stocks are trading negatively with Reliance Infra and KSK Energy bearing maximum burnt. As per an article in Economic Times, Power Grid Corporation (PGCIL) is likely to raise Rs 30 bn under its second round of fund raising plan through domestic bonds. This is in a bid to meet its working capital expenditure. The company has already raised Rs 30 bn through a bond issue in May. The fund raising is a part of the Rs 224.5 bn capital expenditure planned by the company for FY16. The company, so far, has got an approval to raise Rs 100 bn through debt. PGCIL is India's principal electric power transmission company. Presently the scrip of company is trading down by 1.13%.

Stocks in the steel sector are trading on a mixed note with Jindal Steel and Jindal Saw Ltd witnessing selling pressure. As per a leading financial daily, Tata Steel has reported its results for the quarter ended June 30, 2015. The company has reported 44.9% decline in its net profit for the quarter on a YoY basis. This was due to lower sales and increased costs. Total income during the quarter decreased 7.25% on a YoY basis. However, the company reported 126.18% rise in its net profit after taxes on a consolidated basis. This was on the back of a sharp fall in the operating expenses, lower tax outgo and higher other income. Stock of Tata Steel is currently trading up by 1.5%.

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