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Realty stocks drag markets lower
Wed, 10 Oct 11:30 am

Indian equity markets continued to trade weak over the last two hours of trade. Pharma and metal stocks witnessed maximum buying interest, while power and realty stocks witnessed maximum selling pressure.

The Sensex today is down by 104 points, while the NSE-Nifty today is down by 32 points. BSE Mid Cap index and the BSE Small Cap index are down by 0.54% and 0.55%. The rupee is trading at 52.89 to the US dollar.

Steel stocks are trading in the green led by Adhunik Metaliks and Tata Steel. According to a leading financial daily, Tata Steel has achieved best ever quarterly saleable steel production at 1.87 million tonnes (MT) in the July-September period on the back of record production of crude and hot metal. For the same period last year the company had achieved 1.71 MT of the saleable steel output. As far as the hot metal and crude steel output were concerned, the steel giant recorded best ever production of these in any quarter. While hot metal production was recorded at 2.07 MT in the 2QFY13 (previous best at 2.05 MT in 1QFY13), the crude steel production stood at 1.93 MT (previous best at 1.82 MT in 4QFY12). The company has recently commissioned plants, including a pellet plant, which has achieved its planned targets for the July-September quarter.

Energy stocks are trading weak led by Essar Oil and Gas Authority Of India Ltd. (GAIL). According to a leading financial daily, Reliance Industries (RIL) has received the Gujarat high court's nod for the merger of Reliance Jamnagar Infrastructure Limited (RJIL) with itself. RJIL, a 100% subsidiary of RIL, had sought High Court's permission for merger with the holding company with a view to optimise profitability, administration, efficiency of operation and optimal utilisation of available resources. RJIL is presently the developer and operator of a Special Economic Zone (SEZ) in Jamnagar and was into business of infrastructure development. Following the merger, entire businesses and the undertaking of RJIL would be transferred to, and vest with, RIL.

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