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Indian Indices trade positively
Fri, 15 May 01:30 pm

The Indian stock markets continued to trade in the green in the post noon trading session. Sectoral indices are trading mixed with telecom and banking witnessing maximum buying interest.

The BSE-Sensex is trading up by 124 points (0.5%) while NSE-Nifty is quoting up by 37 points (0.5%). BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 1%. Gold prices are trading at Rs 27,403 per 10 gms and silver prices are trading at Rs 39,670 per kg. Crude oil is trading at Rs 3,781 levels. The rupee was trading at Rs 63.49 to the US dollar at the time of writing.

Steel stocks are trading mixed today with JSW Steel and Jindal Steel bearing the maximum burnt. The stock of Tata Steel slipped as much as 2.7% in the morning trade after the company announced Rs 65 bn goodwill impairment charge for the loss of value of operations in Europe, Canada and Mozambique in 2014-15. Of the total impairment charge taken in 2014-15, approximately Rs 50 bn relates to the non-cash write down for long products UK business in Europe. The impairment also includes a write down of investments in overseas raw materials projects in Mozambique, Ivory Coast and Tanconite project in Canada. Currently the stock of Tata Steel is trading down by 1.1%.

Banking stocks are also trading mixed with Bank of Maharashtra and Dena Bank being the top gainers. As per a leading financial daily, Oriental Bank of Commerce has reported a decline in gross non-performing assets for the March quarter of 2015. Gross non-performing assets of the bank as a percentage to total advances came down to 5.18%. The bank reported a net loss of Rs 1.78 bn in the quarter due to higher provisioning as compared to a net profit of 3.1 bn in the fourth quarter of last fiscal. For the full fiscal the bank's net profit dipped 56.37% on a YoY basis.

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