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Indian Markets open flat
Thu, 4 Jun 09:30 am

The major Asian stock markets have opened the day on a mixed note with markets in Hong Kong (down1.9%) and China (down 1%) being the leading losers. However, stock markets in Japan (up 0.4%) and Singapore (up 0.06%) were leading among the few gainers. Stock markets in US and Europe closed their session on a positive note. Crude oil prices plunged nearly 2.3%, at Rs 3,830 per barrel. Precious metal gold is trading marginally down while silver is trading down by 1.3%

Indian stock markets have opened the session on a flat note today. BSE Sensex and NSE-Nifty are trading marginally, both up by 0.2% each. BSE Mid Cap and BSE Small Cap indices are trading in the green, up by 0.3% and 0.5% respectively. Among the sectoral indices, auto stocks are witnessing selling interest while energy stocks are leading the gains. The rupee is trading at 64.17 per US dollar.

Engineering stocks have opened mixed today. As per a leading financial daily, Larsen & Toubro Ltd (L&T) has bagged a contract from the Ministry of Defence worth Rs 46.8 bn. The contract is for the design and construction of a floating dock for the Indian Navy. This dock will boost infrastructure of the Navy for docking of warships and submarines for repair and refit. The company also stated that the dock will conform to international standards and incorporate fully automated Ballast Control System. Meanwhile, the company is also executing MoD contract for design and construction of 54 fast Interceptor Boats (IBs) for the Indian Coast Guard (ICG).

Majority of Energy stocks have opened the day on a mixed note. As per the financial daily, State refiners Indian oil corporation and HPCL are into talks with Iraq's national oil company to buy 4 million barrels of Basra light crude oil. The Indian authorities in March had asked the state refiners to look for two very large crude carriers of Iraq's Basra crude oil. However, the spot market for Basra crude prices seemed quite pricey and these refiners will have to pay premium for spot oil purchases. Hence the refiners had decided to directly negotiate with Iraq's State Oil Marketing Organisation for the supplies in next two to three months.

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