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Autos drag Indian stock markets
Mon, 6 Jun 09:30 am

Most Asian stock markets have opened on a mixed note. Stock markets in South Korea (down 0.7%), Japan (down 1%), Indonesia (down 0.3%), Hong Kong (down 1.3%) are in the red where as China (down 0.8%) is trading in the green. The Indian stock markets have opened the day on a weak note. Stocks in the auto and power space are leading the losses. However, FMCG and healthcare stocks are trading marginally in the green.

The BSE-Sensex is trading lower by 72 points (0.1%) and the NSE-Nifty is down by around 27 points (0.3%). Midcap and small cap stocks are trading negative as well, with the BSE Midcap and BSE Small cap indices down by 0.5% and 0.2% respectively. The rupee is trading at 44.81 to the US dollar.

Cement stocks have opened the day on a strong note with ACC and Ambuja trading in the red. UltraTech Cement is setting up a 3 m tonnes per annum cement plant in the Jhunjhunu district of Rajasthan. The investment for the plant is estimated to be about Rs 25 bn. The company has signed a memorandum of understanding (MOU) with Rajasthan State Industrial Development & Investment Corporation (RIICO) for commissioning of a railway project in Sikar and Jhunjhunu districts. The cement major will lay a 6 km railway siding from villages Kolida and Beri in Sikar district to the plant site in village Turkani in Jhunjhunu district. According to the agreement between UltraTech Cement and RIICO, the latter will acquire about 67.8 hectares of land in Sikar and Jhunjhunu districts for the railway project.

Auto stocks have opened the day on a strong note with M&M and Maruti trading in the red. Car manufacturer, Maruti Suzuki's plant at Manesar was adversely affected on Saturday afternoon. Nearly 1000 employees went on strike and affected the production. Maruti confirmed the same without specifying the reason for the strike. The workers are protesting the present union and the management inside the factory premise. They have alleged that the company did not conduct fair elections and that the board of union was not protecting the interest of the workers. Their demands include a new union for Manesar plant. Such agitations may impact production at the company's Manesar unit which produces nearly 1,300 units per day.

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