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Indian Indices slip into the red
Thu, 19 Feb 11:30 am

After opening the day on a positive note, Indian equity markets dropped below the dotted line during the previous two hours of trade. Barring stocks from Metal, IT sector and capital goods sectors, sectoral indices are trading in the red. FMCG and banking stocks are the leading losers.

The BSE-Sensex is down by 110 points and NSE-Nifty is down by 52 points. BSE Mid Cap index and BSE Small Cap index are trading down by 0.4%. The rupee is trading at 62.24 to the US dollar.

Auto Ancillary stocks are trading mixed today. Bharat Forge and Sundaram Clayton are trading the strongest, while SKF India and Bosch India are trading the weakest. According to a leading financial daily, Boeing announced it had signed a multi-year contract with Pune-based Bharat Forge to supply titanium forgings. The equipment will be used in the wings of next-generation 737 and 737 MAX of the Boeing Aircrafts. Under the agreement, Bharat Forge will supply pre-machined forgings from its facilities in Pune and Baramati to Boeing in the first quarter of 2016. According to company MD Kalyani, this joint venture resolves the aspirations of 'Make in India'. Bharat Forge is currently trading up by 1.1%.

Energy stocks are trading on a positive note. MRPL and BPCL are the leading gainers. According to a leading financial daily, Indian Oil Corporation has announced it will invest Rs 7.8 bn in fuel quality up gradation projects at two key refineries along with other expansions. The Board of company last week approved an investment of Rs 18.43 bn in upgrading the 13.7 million tons Koyali refinery in Gujarat to produce Euro-IV complaint petrol and diesel. Another, Rs 13.27 bn will be spent on similar fuel quality up gradation project at Barauni refinery in Bihar. The project would help in consolidating the glycol business of IOC by producing low cost non-ethylene glycol based on refinery gas.

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