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Indian stock markets open in the red
Fri, 26 Dec 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in China (up 1.3%) and Malaysia (up 0.6%) leading the gains. However, stock markets in Japan (down 0.03%) and Singapore (down 0.03%) have opened in the red. The Indian stock markets have opened on a negative note. The sectoral indices have opened mixed with the stocks in the metal and realty segment leading the losses. However, the stocks in the power and engineering sector were trading firm.

The Sensex today is down by around 53 points (0.2%), while the NSE-Nifty is down by about 7 points (0.1%). The mid cap and small cap stocks have however opened in the green with BSE Mid Cap index and BSE Small Cap index up by 0.2% each. The rupee is currently trading at Rs 63.56 to the US dollar.

Energy stocks have opened mixed with Essar Oil Ltd and MRPL Ltd leading the gains. However, Gujarat Gas Ltd and Hindustan Petroleum Corporation Ltd (HPCL) were facing selling pressure. As per a leading financial daily, Bharat Petrochemical Corporation Ltd (BPCL) is planning to raise Rs 40 bn for the expansion of its Kochi refinery and to fund its petrochemicals venture. The State Bank of India (SBI) has received the mandate to raise funds. Through the venture, the oil marketing company aims to diversify into downstream petrochemicals with an investment of Rs 46 bn and to produce some niche petrochemicals that are mainly being imported into the country. The total investment in the refinery and petchem project is about Rs 200 bn.

Power stocks have opened the day mainly in the green with JSWEnergy Ltd and Power Grid Ltd leading the gains. However, Gujarat Industries Power Company Ltd and Reliance Infrastructure Ltd were facing selling pressure. As per a leading financial daily, the country's top private sector power players have decided not to bid for upcoming ultra mega power projects (UMPPs) of 32,000 MW after the government decided to accept the sole bid of National Thermal Power Corporation Ltd (NTPC) for Rs 500 bn Tamil Nadu & Orissa UMPP. The private power producers have opposed the standard bidding documents process and have informed the government about slack and one sided clauses in the document that have made it impossible for the corporate to participate. As per the management of a leading Mumbai based power firm, if the government does not agree to change the objectionable clause relating to effective pass through of fuel price risk, the private sector will not be able to participate in upcoming UMPPs bids.

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