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Indian stock markets trade flat
Mon, 2 Apr 11:30 am

Indian stock market indices are trading flat over the last two hours of trade. Consumer durables and power stocks witnessed maximum buying interest, while Oil and gas and metal stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 23 points, while the NSE-Nifty is up by 2 points. BSE Mid cap index and BSE Small cap index are up by 0.8% and 1.19% respectively. The rupee is trading at 50.82 to the US dollar.

Retail stocks are trading in the green. Titan industries and Provogue Limited are the biggest gainers while Trent Limited and Zodiac Clothing are the biggest losers. According to a leading financial daily, Titan Industries has been allowed by the Government of India to directly import gold. This is the first time that a private player like Titan, who is an actual user has been allowed to import gold. At present, only authorised agencies and public sector units like Metals and Minerals Trading Corporation of India Ltd. (MMTC) are allowed to import gold. This will open doors to other actual users from the private sector to import gold directly under the approval route. Direct import will help the company in saving 1% of their operating cost and it would also get good quality gold. The company would use gold for its watches and jewellery.

Energy stocks are trading in the green led by Oil India Ltd. (OIL) and Reliance Industries Limited (RIL). As per a leading daily, Oil and Natural Gas Corporation Ltd. (ONGC) is looking at selling stake in its four coal-bed methane (CBM) blocks to companies which have bid for this. The company is deciding on a 30% stake sale and wants joint operatorship of the blocks. The board of directors would announce their decision regarding this by the end of this month. It may be noted that ONGC has been facing certain issues at it CBM blocks. The oil & gas company has not been able to manage land acquisitions and the cycle speed of rigs at these blocks. With joint operatorship, they feel that they would be in a better position to deal with all such issues.

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