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Indian markets widen losses
Mon, 25 May 01:30 pm

After opening the day in red, the Indian indices slipped deeper in the red in the post noon trading session. Most sectoral indices are trading on a negative note with stocks from the FMCG and Financial Institution sectors leading the losers. However Telecom stocks are trading firm.

The BSE-Sensex is trading down 227 points (0.8%) and the NSE-Nifty is trading down 67 points (0.8%). The S&P BSE Midcap index is trading marginally up 0.1% while the S&P BSE Smallcap index is trading lower by 0.04%. In commodity markets, Gold is trading at Rs 27,130 levels per 10 grams and Silver is trading at 39,005 per kilogram. Crude oil is trading in green and is up by 0.4% or Rs 14 at Rs 3,827 per barrel. At the time of writing, the rupee stood at Rs 63.62 to the US$.

Automobile stocks are trading mixed today with Eicher Motors and TVS Motors leading the gainers and Tube Investments and Tata Motors witnessing maximum selling activity. Hero MotoCorp, the world's largest two wheeler motorcycle company, has achieved sales of 1 lakh motorcycles and scooters in the online marketplace Snapdeal. In about five months of venturing into online platform and at an average of Rs 50,000 for each unit, the value of the online sales would be approximately Rs 5 bn. In line with this positive response, the company is now working to develop its own online retail sales venture that is likely to go live later this year. Currently the stock of Hero MotoCorp is trading down nearly 5%.

Food and Tobacco stocks are also trading on a mixed note with Wadala Commodities and Britannia leading the gainers. Stock of ITC faced major selling activity today in the morning trade after the company announced its results for the fourth quarter ended March 2015. The company reported lower than expected 3.7% YoY (year-on-year) growth in its net profit at Rs 23.6 bn due to muted growth in cigarette business and decline in agri segment. The revenue of cigarette business, which accounts for 42% of the total revenues, rose marginally by 3.2% to Rs 42.1 bn on a YoY basis. Net sales for the March 2015 quarter rose marginally by 0.47% to Rs 91.8 bn as against 91.4 bn for the corresponding quarter last year. At the time of writing, the stock of ITC was trading down by 2.6%.

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