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Indian markets open weak
Tue, 26 May 09:30 am

Indian markets have opened in red for the second day running. BSE-Sensex and NSE-Nifty are trading with moderate losses of 0.3% each. S&P BSE Midcap and S&P BSE Smallcap have opened the trading on a flattish note. Majority of the sectoral indices are trading in red with stocks in power and energy sector bearing most of the brunt.

Asian markets fell in early trading. European shares marked a weak finish in thin trade on Monday amid Greece debt crisis. The Indian rupee started the trade with marginal loss at 63.60 a dollar, down 4 paise compared to 63.56 a dollar in previous session.

According to a leading financial daily, Indian Oil Corp (IOC) has sold 35,000 tonnes of naphtha for June 15-17 loading from Chennai to Unipec, and possibly another 15,000 tonnes for June 8-10 loading from Haldia, also to Unipec. These brought IOC's total sales for June to about 80,000 tonnes and the refiner still has outstanding tenders to sell another 45,000 tonnes for late June loading from Dahej and Haldia. Reportedly, IOC's naphtha exports in May - when it sold up to 135,000 tonnes and in June are significantly higher than the 50,000-tonne average monthly for the first four months of the year. The reasons behind the higher exports are unclear but they come at a time when naphtha demand is weak due to cracker maintenance in Taiwan and large volumes of alternative liquefied petroleum gas (LPG) substituting naphtha.

According to a leading financial daily,Bharat Heavy Electricals Ltd (BHEL) has announced that it had commissioned six hydro power generating sets aggregating 736 MW that accounted for 100 per cent of the hydro power capacity addition during last fiscal. The company is in the process of executing hydro power projects close to 4,600 MW that are in various stages of execution. Reportedly, this also marked the highest capacity addition in the hydro power space in a single year in the past decade by BHEL. The company reached the new milestone by commissioning projects of three large Central power utilities - NTPC, NHPC and SJVNL. BHEL had also booked orders for Tehri Hydro Development Corporation India Ltd's 4 x 111 MW Vishnugad Pipalkoti HEP and NTPC's 3 x 40 MW Rammam HEP stage- III, aggregating 564 MW during 2014-15.Indian markets open weak

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