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Indian stock markets plunge
Fri, 30 Jan 11:30 am

Indian equity markets have witnessed heavy selling pressure over the last two hours of trade. IT stocks are witnessing buying interest while banking and FMCG stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading down by 349 points and NSE-Nifty is trading down by 97 points. BSE Mid Cap index is trading down 0.4% and the BSE Small Cap index is trading down 0.1%. The rupee is trading at 61.73 to the US dollar.

Engineering stocks are trading on a positive note with Jain Irrigation and Everest Kanto Cylinder leading the gains. According to a leading financial daily, Bharat Heavy Electricals Ltd (BHEL) has announced the commissioning of a 600 MW thermal power project in Odisha. BHEL's scope of work in the contract includes design, engineering, manufacture, supply, erection and commissioning of steam turbines, generators and boilers along with associated auxiliaries and electrical works besides controls and instrumentation. Earlier in the month, the company has announced commissioning of 600 MW unit of a thermal power project in Chhattisgarh. The stock is currently trading up by 2%.

Paint stocks are trading mixed today with Asian Paints and Jenson & Nicholson being the weakest. Asian Paints, India's largest paint company on Thursday reported an 11.8% increase in consolidated net profit at Rs 3.6 bn for the December quarter. The company had posted a consolidated net profit of Rs 3.2 bn in the year-ago period. Net sales during the quarter under review stood at Rs 36.02 bn up 5.6% as compared to Rs 34.12 bn in the same period of previous financial year. Overall expenses during the quarter stood at Rs 31.36 bn as against Rs 29.77 bn in the same quarter a year ago. Other expenses increased 15.5% year-on-year to Rs 7.8 bn and raw material cost declined marginally to Rs 18.41bn from Rs 18.45 bn on year-on-year basis. The fall in raw material cost was due to decline in crude oil prices.

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