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Indian stock markets move further north
Tue, 10 Jan 11:30 am

Indian stock markets traded strong during last two hours of trade on buying interest in index heavyweights. All the sectoral indices were in the green led by banking and capital goods stocks.

The BSE-Sensex is trading up by 236 points and NSE-Nifty is trading up by 72 points. However, BSE Mid cap and BSE Small cap indices are trading strong by 1.8% and 2% respectively. The rupee is trading at 52.98 to the US dollar.

Steel stocks are trading strong led by JSW Steel and Jindal Saw Limited. According to a leading financial daily, Hindustan Zinc has commissioned a 350 tonnes per annum (tpa)silver refinery at Pant Nagar in Uttarakhand with an investment of Rs 1 bn. Earlier the company was using its zinc refinery at Chanderiya in Rajasthan for silver production. This capacity addition will enable the company to achieve an annual silver production of 500 tonnes by March next year. The refinery has already dispatched the first consignment of silver ingot of 99.99% purity last month.

Private banking stocks are trading strong led by Axis Bank and Dhanlaxmi Bank. As per a leading daily, banks are inventing newer ways to protect their margins to deal with stiff competition and a vigilant regulator. They are now charging new fees and charges. The latest such invention is by HDFC Bank which will be charging for failed courier deliveries and for maintaining inoperative accounts. Starting January 1, the bank has started to charge a penalty of Rs 50 per quarter if courier is not delivered to any reason that the banks considers negative. It may be because there is so such consignee, consignee has shifted or the address does not exist.

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