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Markets shed all gains
Wed, 21 Sep 11:30 am

Indian stock market indices are trading flat over last two hours of trade. Sectoral indices are trading mixed with Capital Goods and Banking stocks leading the pack of gainers. However, Oil and Gas and Auto stocks are trading weak.

The BSE-Sensex and NSE-Nifty are trading flat. BSE Mid Cap and BSE Small Cap indices are however up by 0.6% and 0.5% respectively. The rupee is trading at 47.90 to the US dollar.

Auto stocks are trading weak led by Hero Motocorp, Maruti Suzuki. According to a leading financial daily, because of the recent stand-off between workers and the management of Maruti, automobile industry leaders decided to meet and discuss the issue at length. The meeting was held to find out how to prevent labour unrest situations. It was attended by industry experts like MD of Bony Polymers, JBM chairman, Mr N K Minda and many others. The auto companies feel that the unrest might spread to their units also. In fact, some effect was already seen at a Manesar unit of Munjal Showa when workers went on a strike demanding regularization of casual employees. Although the strike was called off after the management gave in to the demands of the protesting workers, all automobile manufacturers want to maintain a cautious approach in dealing with the labour issues.

Power stocks are trading in the green. Torrent Power and GVK Power are the biggest gainers while Reliance Power and Tata Power are biggest losers. According to a leading financial daily, India's largest state owned power generating company National Thermal Power Corporation (NTPC) is set to get coal blocks for 4 of its upcoming projects in Karnataka, Orissa and Uttar Pradesh from the coal ministry. The company will invest Rs 85 bn for 4 power projects. Equipment for 3 of these projects is going to be sourced through international tariff based competitive bidding. Earlier the coal ministry had revoked 12 licenses and de-allocated 5 blocks of NTPC on grounds of slow progress. The coal ministry is also going to review its decision to de-allocate 5 blocks of NTPC and a decision regarding this matter is expected soon.

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