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Indian markets gain momentum
Thu, 18 Jun 01:30 pm

After opening in the green, the Indian Indices have added to the early gains and are trading well above the dotted line currently. Sectoral indices are trading mixed with stocks from the energy and auto sectors leading the gainers. However pharma stocks are trading weak.

The BSE-Sensex is trading up 281 points (up 1.05%) and the NSE-Nifty is trading up 79 points (up 1%). The S&P BSE Midcap index is trading up 0.7% and the S&P BSE Smallcap index is trading up 1%. Commodity prices are also trading firm. Gold prices, per 10 grams, are trading at Rs 26,966 levels. Silver price, per kilogram, is trading at Rs 37,067 levels. Crude oil is trading at Rs 3,812 per barrel. The rupee is trading at 63.77 to the US dollar.

Automobile stocks are trading in green with Ashok Leyland and Tata Motors leading the gains. As per leading financial times, Eicher Polaris, has launched India's first personal utility vehicle 'Multix'. Eicher Polaris is a 50:50 joint venture (JV) between Eicher Motors, one of the leading manufacturers of commercial vehicles and Polaris Industries Inc. This new launch has thereby created a new category in the automotive segment. The vehicle is specially designed for Independent Businessmen and will be available in two variants with a starting price of Rs 2,32,850. It is equipped with X-PORT- a unique power take off point, which can generate power up to 3 KW (Kilowatt). Currently the stock of Eicher motor is trading up by 1.2%.

Stocks in the power space are trading mixed with Rattanindia Power and PTC India Ltd witnessing maximum buying interest. NTPC Ltd, the largest power generating company in India, has entered into an agreement with Jammu and Kashmir State Power Development Corporation Ltd (JKSPDCL). This agreement is signed to form a joint venture company for mining at Kudanali-Luburi coal block in Odisha. NTPC and JKSPDCL will share equity in the ratio of 67:33 in the joint venture company to undertake exploration, development and operation of jointly allocated Kudanali-Luburi coal block by Coal Ministry to them. Meanwhile, NTPC'S proposed $4 billion medium-term note programme was assigned a 'BBB' rating by Fitch Ratings. Stock of NTPC is trading marginally down.

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