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Indian markets open in the green
Mon, 23 Feb 09:30 am

Barring Hong Kong (down 0.03%) and Indonesia (down 0.2%), the major Asian stock markets have opened the day on a positive note with stock markets in China (up 0.7%) and Japan (up 0.6%) leading the gains. The Indian markets have opened on a firm note. The sectoral indices were trading mixed with the stocks in the consumer durables and FMCG leading the losses, while the stocks in the software and healthcare sectors witnessed buying interest.

BSE-Sensex is currently trading higher by about 73 points (up 0.3%), while the NSE-Nifty is higher by about 24 points (up 0.3%). Both midcap and small caps have opened firm with the BSE Mid Cap andBSE Small Cap indices up by 0.4% and 0.8% respectively. The rupee was trading at Rs 62.16 to the dollar.

Barring NMDC Ltd and Gujarat NRE Coke, mining stocks have opened mainly in the green with Sesa Sterlite and MMTC Ltd leading the gains. As per a leading financial daily, Hindalco Industries Ltd has bagged one more mine in the ongoing coal auction.

With this, the total number of blocks won by the firm stand at three - two in Chhattisgarh and one in Jharkhand. As per the coal secretary Mr. Anil Swarup, Hindalco is the highest bidder at Rs 3001 per tonne. It is noteworthy that the states will fetch over Rs 1 lac crore, including royalty, over the next 30 years from sale of 17 coal blocks sold so far through the ongoing auction. Out of the 19 mines put on block by the government in the first tranche of auction, 17 have been bagged by companies such as Jindal Power, Hindalco and Ultratech and others.

Automobile stocks have opened the day on a mixed note with Ashok Leyland and Maharashtra Scooters Ltd leading the gains. However, Eicher Motors Ltd and Hero Motocorp Ltd were facing selling pressure. As per a leading financial daily, Swedish luxury carmaker Volvo is in talks with Mahindra & Mahindra (M&M), Hindustan Motors (HM) and General Motors (GM) to explore the feasibility of using the manufacturing facilities of one of these auto manufacturers to locally assemble its vehicles in India. So far, the company has been selling luxury cars and SUVs in India mainly through imports. In an effort to shore up volumes, it is keen to start assembling its vehicles in India itself. As per the industry sources, unless Volvo starts assembling its vehicles in India, it is unlikely to fulfill the target to have around 15% of the luxury car market in India in about five years' time

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