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Indian Markets open on a weak note
Mon, 20 Apr 09:30 am

Global equities continued to trade with volatility in the midst of brewing Greek crisis and a rate cut offered by the Chinese policy makers to kick-start the ailing economy. European indices fell as much as over 2% while the US markets fell as much as over 1% on the last trading day of the weak gone by. The Asian stock markets have opened on a mixed note. While the Taiwan stocks is trading marginally in the red, and Hong Kong markets trading marginally in the green; Chinese stocks gained as much as 1% .

Indian markets opened with marginal losses as BSE Sensex losing just 20 points and NSE-Nifty 13 points. Sectoral indices are trading on a mixed note. IT sector has lost the most as investor sentiment turned negative while the banking stocks gained the most. BSE Mid Cap and BSE Small Cap are trading lower by about 0.3% each.

Commodities have gained traction as investors shunned equities after a sell-off in the healthcare sector and IT stocks' disappointing results. Gold price, per 10 grams, increased 0.6% or Rs 167 while silver prices declined, per kilogram, marginally by 0.09% or Rs 32. Currently, gold is trading at Rs 26,800 while silver at Rs 36,450 levels. Crude oil prices, per barrel, declined 1.6% or Rs 58; currently is available at Rs 3,600 levels. The Indian Rupee gained 0.23% or 0.14 and is available at Rs 62.51.

Shares of electrical equipment company, Crompton Greaves, gained over 1% after Advent International disclosed its intention of buying consumer product business of Crompton Greaves. The US Company will be buying the consumer product business for an amount of $350 mn. According to a leading financial source, both the companies are on an advanced stage and the deal will be announced soon. As per the deal, Advent International will hold about 65% - 70% of the consumer business.

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