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Indian markets slide lower
Thu, 7 May 01:30 pm

After having opened the day on a negative note, the Indian stock markets continued to trade in the red in the post-noon trading session. Almost all sectoral indices are trading negative with banking and pharma stocks leading the losses.

The BSE-Sensex is down by 90 points (0.4%) and NSE-Nifty is down by 34 points (0.4%). BSE Mid Cap index is trading down by 1.5% and the BSE Small Cap is trading down by 1%. The rupee was trading at 64.12 to the US dollar at the time of writing.

Mining stocks are trading on a mixed note with NMDC Ltd and Gujarat NRE Coke leading the losses. According to a leading financial daily, Hindustan Zinc Limited, the country's leading zinc producer is going to set up a di-ammonium phosphate (DAP) plant in Rajasthan. The plant is said to have a capacity of five lakh tone per annum and will cost Rs 13,500 m. Also being the country's top lead and silver producer, the company is tipped to spend Rs 66,500 m in expanding its mines in the state. At the time of writing, the stock of Hindustan Zinc Limited was trading higher by 0.4%.

Engineering stocks are trading in the red with BEML Ltd and Voltas leading the pack of losers. Shares of KEC International were trading 4.3% higher after the company announced its consolidated results for the quarter ended March 2015. The company has reported a strong 83% year-on-year (YoY) growth in consolidated net profit at Rs 630 m for the quarter ended March 2015. In the year ago quarter the company had reported a profit of Rs 320 m. As stated by the company in a press release, it also has an order intake of Rs 38,200 m in 4QFY15 along with new orders worth Rs 14,610 m.

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