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Indian markets open strong
Fri, 28 Aug 09:30 am

The major Asian stock markets have opened the day in green. Stock markets in China, Japan and Singapore are up 2.6%, 2.7% and 1.6% respectively. The European and US stock market ended their previous session on a encouraging note. The rupee is trading at 66.04 per US dollar.

Indian stock markets have too opened the day on a firm note owing to positive global cues. BSE-Sensex is trading up by 319 points (up 1.2%) and NSE-Nifty is trading up by 97 points (up 1.2%). BSE-midcap and BSE-small cap are too witnessing buying interest. Both S&P BSE Midcap and S&P BSE Smallcap are trading up by 1.3%and 1.4% respectively. Sectoral indices have opened the day on a positive note with stocks from oil and gas, metals and capital goods sector being the top gainers in the pack.

Major stocks in the automobile sector have opened their day in green. As per an articles in Economic Times Tata Motors launched a new model of its Light Commercial Vehicle (LCV) truck 'ACE '. The model is priced at Rs 4.31 lakh and has a mileage of 18.5kmpl. The model is 10-12% costlier as compared to its other models . Reportedly, Tata Motors executive director stated that there is a slump in the demand of LCV owing to lack of financial options available. Earlier financiers were offering up to 95% of the price of the vehicle but very recently this is down to 80-85%, consequently offering buyers with lower credit assistance. The stock of Tata Motors is trading up by 1.6%.

Stocks in the power sector have opened their day on a positive note. As per an article in Business Standard National Thermal Power Corporation (NTPC) and other Independent Power Producers (IPP) might continue to face weak demand and fall in the Plant Load Factor (PLF). The poor financial health of the State Electricity Board (SEB) might further aggravate the situation. Reportedly, as per Ashok Khurana, who is the director-general of Association of Power Producers, the viability of the entire generation segment (public or private) is impacted by low offtake of power by distribution utilities. This has led to quite a high requisitioned surplus and low PLF. Experts observe increase in tariff will not solve the problems of distribution companies. They further stated that there is a need to make power sector consumer-centric which can be done by effecting efficiency across the various segments. Stock of NTPC is trading up by 1.85%

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