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Oil & Gas stocks weigh on markets
Thu, 29 Dec 11:30 am

Indian stock markets indices have been trading in the red over last two hours of trade due to selling in index heavyweights. All sectoral indices are trading weak led by Oil and gas and consumer durables stocks.

The BSE-Sensex is trading down by 87 points and NSE-Nifty is trading weak by 26 points. BSE Mid cap and BSE Small cap indices are trading down by 0.2 % and 0.4% respectively. The rupee is trading at 53.39 to the US dollar.

Food stocks are trading in the red led by Sterling Biotech and Wadala Commodities. As per a leading daily, tobacco major ITC has raised the prices of its Gold Flake Kings cigarettes from Rs 48 for a pack of 10 to Rs 55 for the same. This hike of almost 15% would effectively mean that every cigarette is costlier by Rs 1. ITC is anticipating a hike in excise duty of cigarettes and has thus affected this increase in price. In the recent past, the tobacco company raised prices of its other brands Capstan, Scissors, Berkeley and Wills Flake Filter. All these hikes are being taken with the aim of protecting the profit margins.

Mining stocks are trading mixed today. While Sesa Goa Ltd and National Mineral Development Corporation (NMDC) are among the gainers, losses are seen in Ashapura Minechem and Metals and Minerals Trading Corporation of India Ltd. (MMTC). As per a leading financial daily, the coal ministry has rejected Coal India proposal to cut its output target for the year. Coal India wanted its output target to be reduced to 440 m tonnes due to flooding of its mines during monsoons. Coal India has already produced 248 m tonnes till November. The same falls short of its 8 month target of 274 m tonnes by more than 20 m tonnes. As per the ministry, power sector is facing shortage of coal supply. Reducing Coal India's production target will worsen the problems of the power sector and result in lesser power generation.

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