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Indian stock markets extend losses
Fri, 18 May 11:30 am

Indices in Indian stock markets are trading in the negative today. Led by auto and metal stocks, all sectoral indices are trading very weak.

The BSE-Sensex is trading lower by 214 points and NSE-Nifty is trading down by 76 points. BSE Mid Cap and BSE Small Cap indices are down by 1% and 0.8% respectively. The rupee is trading at 54.85 to the US dollar.

Automobile stocks are trading in the red led by Tata Motors and Maruti Suzuki. As per a leading daily, Bajaj Auto has set a sales target of 5 m units for financial year 2013. We may note here that in 2012, the auto company sold 3.8 m units in the last year. At present Bajaj is the second largest two-wheeler manufacturer in India. To maintain its market share, the company will be launching newer products. These include new Pulsar 200NS and Discover 125 ST. These vehicles will be launched in the first half itself. As per the management, bringing out new products in the market will help in boosting sales as well as compete better with its peers. Honda Motorcycles and Scooters India (HMSI) too introduced its new low-cost commuter bike Dream Yuga 110 cc recently.

Mining stocks are trading in the red led by Gujarat NRE Coke and Sesa Goa. As per a leading daily, the coal ministry may focus on assessing deposits at 54 blocks chosen for auction. Coal India is looking at CMPDI (Central Mine Planning and Design Institute Limited which is a unit of Coal India for exploring these. Exploration helps in identifying the location, quality and quantity of the deposits. CMPDI could outsource and also employ more people. This could shorten the exploration process to 1-2 years as compared to the usual 2-3 years required in this process. However, this move will imply a delay in production of coal in India leading to worsening of power crisis in India.

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