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Indian stock markets trade flat
Tue, 3 Feb 11:30 am

After opening on a positive note, Indian Indices are currently trading flat in the morning session. The most noticeable upward movement has been witnessed in the consumer durables and oil & gas sectors, while stocks from the healthcare and IT sector are trading in the red.

The BSE-Sensex is down by 10 points and NSE-Nifty is down by 15 points. BSE Mid Cap index and BSE Small Cap index are both trading marginally up. The rupee is trading at 61.88 to the US dollar.

Barring Gujarat NRE Coke, all the mining stocks are trading on a strong note. According to a leading financial daily, Coal India, the world's largest miner of dry fuel, reported an output of 46.60 m tonnes (MT) in January, missing its target by 6.9% for the month. The company's output target for January was 50.09 MT. The company also missed its output target of 403.56 MT for the first 10 months of the current fiscal and produced 388.98 MT of coal during the April-January period. The two-day strike by workers last month affected its daily output by almost half of the total production. Coal India is currently trading up by 0.14% on the BSE.

Private banks are trading weak with Axis Bank and ING Vysya Bank being the leading losers. According to a leading financial daily, HDFC Bank is set to raise Rs 100 bn through a combination of qualified institutional placements (QIPs) in the domestic market and offering of American Depository Receipts (ADRs) in the US. Out of Rs 100 bn, the bank will raise 74% through ADRs in the US market and the balance amount will be raised from the domestic market through the QIP route. Foreign institutional investors (FIIs) won't be allowed to participate in the domestic issue.

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