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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian markets trade flat 
(Mon, 10 Mar 11:30 am) 
 
After opening firm, the Indian Indices are trading flat in the morning session, amid outperformance among mid and small cap stocks. The buying interest is highest engineering and banking stocks. The selling pressure is highest in pharma and software stocks.

The BSE Sensex is trading down 5 points and the NSE-Nifty is trading down 2 points. The BSE Mid Cap index is trading up 0.5% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 61.17 to the US dollar.

Steel stocks are trading mixed today. While Tata Sponge is leading the gainers; Steel Authority of India Ltd. (SAIL) is leading the losses. The management of India's leading steel firm, Steel Authority of India Ltd. (SAIL), has taken a view that the Indian steel sector will witness a temporary overcapacity in the near future. The Indian steel Industry has been adding capacity for a while now and the total capacity is set to increase by about 50%, from 90 million tonnes per annum (MTPA) to 135 MTPA, over the next two years. All steel firms in the country have been adding capacity, due to the expected increase in planned infrastructure spending in the next five year plan. This is expected to put pressure on prices in the near term. SAIL is trading down 2% today.

Power stocks are trading mixed today. Adani Power and Jaiprakash Power are trading higher while CESC is trading weak. Tata Power has released filing on the BSE regarding its rights issue. It plans to raise nearly Rs 20 bn through the rights issue which is proposed to open by March 31, 2014 and expected to remain open for a minimum period of 15 days. Tata Motors plans to offer 332.2 m shares in a rights share ratio of 7:50, i.e. investors holding 50 shares in the company on the record date would be entitled for 7 right shares. The amount fetched through the offer would be utilized for funding its expansions plans. It may also be noted that the company is already leveraged with consolidated long term debt to equity ratio of 2.9:1 during FY13 and would require equity proportion for its expansion going forward. The company has fixed a price of Rs 60 per share for the offer. The stock is currently trading flat today.

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