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Indian stock market remains lackluster
Tue, 19 Nov 01:30 pm

Indian markets are trading above the dotted line during the post noon trading session. Most of the sectoral indices are trading in green with stocks from capital goods and realty sectors witnessing maximum buying interest. Stocks from consumer durables and metal sectors are among the leading losers.

BSE-Sensex is up by 44 points and NSE-Nifty is trading up by 14 points. While BSE Mid Cap is trading up by 0.29%, BSE Small Cap index is trading up by 0.15%. The rupee is trading at 62.01 to the US dollar.

Power stocks are trading mixed. CESC Ltd and PTC India are leading among gainers while, Torrent Power and GVK power are among leading losers. As per a leading financial daily, National Thermal Power Corporation (NTPC)has terminated its Rs 7 bn contract with Italian company Ansaldo to secure turbines for its gas-based plant at Dadri in Uttar Pradesh. The termination of contract comes in the backlight of Ansaldo's parent company Finmeccanica facing bribery charges in the Rs 36 bn helicopter deal with India. Reportedly, NTPC's decision of terminating the deal was taken as it wanted to stay away from the controversy of helicopter deal. The bids were invited last year and Ansaldo bid was lowest among various bidders. It is still not clear, whether the company will issue a fresh tender for the same contract or not. NTPC is trading down by 0.61%.

Majority of the Automobile stocks are trading in the green with TVS motors and Tata Motors being the major gainers. As per a leading financial daily, Hero Motorcorp is looking to launch two-wheelers in United States and Canada. Reportedly, Hero has appointed its American technology partner Erik Buell Racing as the exclusive distributor. Hero Motorcorp intends to eventually set up manufacturing and assembly plants in the North America over a period of time. Further, a "soft launch" of Hero two-wheelers was held during the month of Oct 2013 at the inaugural American International Motorcycle Expo (AIMExpo). The event took place in Orlando, Florida, where Hero displayed some of its popular brands such as Hunk, ZMR, the updated HF Deluxe Eco, Splendor Pro and the Pleasure scooter. The other details as to pricing details and range expected to be offered is yet not determined. Hero Motorcorp is currently trading up by 2.27%

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