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Indian stock markets trim losses
Wed, 11 Apr 01:30 pm

After a weak opening, Indian stock markets pared losses in the last two trading hours. Majority of the sectoral indices are trading in the negative. Metal, capital goods and oil and gas stocks are the biggest losers. Pharma, banking and IT are amongst the few gainers.

The BSE-Sensex is trading down 54 points and NSE-Nifty is trading down 22 points. Both BSE Mid cap index is down by 0.2% whereas BSE Small cap index up 0.3%. The rupee is trading at 51.5 to the US dollar.

The automobile stocks are trading mixed with Eicher Motor being the biggest gainer and TVS Motors being the biggest loser. Industry body, Society of Indian Automobile Manufacturers (SIAM) has projected passenger car sales to grow by 10-12% in FY13 on the back of moderating interest rates. High interest rates had led to a tepid growth of 4.7% in passenger car sales in 2011-12. SIAM expects sales of motorcycles and heavy commercial vehicles to clock growths of 11-13% and 9-11%, respectively in FY13. Motorcycles offtake had grown by 12% whereas sales of heavy commercial vehicles surged by 18.2% in FY12.

Majority of the aluminium stocks are trading mixed. As per a leading financial daily, National Aluminium Company Ltd. (NALCO) is planning to set up a nuclear power plant in a 49:51 joint collaboration with Nuclear Power Corporation of India (NPCIL). The plant is expected to have a capacity of 1,500 MW (megawatts). Both the companies have already been operating unit 3 and unit 4 of Kakarapar Atomic Power Station (KAPS) in Gujarat. Each of the units has a capacity of 700 MW set up at an investment of Rs 120 bn. The plant is likely to be set up in the any one of the states of West Bengal, Orissa and Rajasthan. NALCO stock is up 1.6%.

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