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Consumer durables lead the day
Thu, 21 Aug Closing

The Indian equity markets managed to claw back into positive territory in the final hours of trade. While the BSE Sensex closed higher by 45 points today, the NSE-Nifty closed higher by 16 points. Midcaps and Smallcaps closed the day on a stronger note. While the BSE Mid Cap index closed higher by 0.5%, the BSE Small Cap index closed the day higher by 0.3%. Consumer durable and banking stocks were the biggest gainers today.

As regards global markets, Asian indices closed on a mixed note today, with the Hong Kong and Korean markets seeing the biggest losses. The Japanese markets were among the gainers. The rupee was trading at Rs 60.76 to the dollar at the time of writing.

Auto stocks have ended the day on a mixed note. Force Motors and Ashok Leyland closed the day with the biggest declines. The stocks of Bajaj Auto and Mahindra & Mahindra Limited (M&M) were amongst the top gainers today. As per a leading business daily, Tata Motors yesterday launched its mass market 'Nano' car in Bangladesh. The company is looking to provide a strong after sales service and spare parts backup to boost the sales of its product in this new market. The company has appointed 'Tata Niloy Group' as its sole distributor in the country. The company has priced its Nano car at about $10,000 in Bangladesh.

Energy stocks ended the day on a strong note. Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corporation Limited (IOC) were the biggest gainers while Mangalore Refin. & Petrochem. Ltd (MRPL) ended the day in the red. Cairn India has been given the permission to raise the crude oil production from the Rajasthan block by 50% to 300,000 barrels per day. Currently, the production stands at 200,000 barrels per day. It may be noted that the Rajasthan oil block has resource potential of 7.3 bn barrels of oil equivalent. And the estimated cost of the project is Rs 160 bn. Subsequent to getting the environmental approval the stock jumped and touched intra high of Rs 329 today. Getting the nod from ministry of environment was taken positively by the street as it shall help increase the production.

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