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Indian markets trade in the red
Fri, 26 Jun 01:30 pm

Indian share markets continued to trade lower in the post-noon trading session. Sectoral indices are trading mixed today with Mining and Energy bearing the maximum burnt.

BSE-Sensex is down 60 points (0.2%) and NSE-Nifty is trading 12 points down (0.1%). BSE Mid Cap is trading marginally down while BSE Small Cap is trading marginally up by 0.2%. Gold prices, per 10 grams, are trading at Rs 26,507 levels. Silver price, per kilogram, is trading at Rs 35,979 levels. Crude oil is trading at Rs 3,792 per barrel. The rupee is trading at 63.57 to the US dollar.

Banking stocks are trading on a negative note with Lakshmi Vilas Bank and Kotak Mahindra Bank witnessing maximum burnt. According to financial times, Reserve Bank of India (RBI) has eased the norms for accessing foreign funds by banks. As per the new norms, banks can borrow from international financial institutions for general banking business without seeking RBI's permission. This flexibility has been provided for international financial institutions of which the Indian Government is shareholding member. RBI has also allowed all non-deposit taking NBFCs to act as sub-agents under Money Transfer Service Schemes (MTSS) without seeking prior approval from it.

Stocks in the textile space are trading mixed with SRF Ltd and Himatsingka Seide leading the gains. The stock of SRF Ltd, a multi-product and multi-business organization, has touched its lifetime high on the BSE. The stock since June 12, has rallied 17% after the government extended anti-dumping duty on Nylon Tyre Cord Fabric (NTCF) from China. The government has extended its notification for a further period of five years imposing an anti-dumping duty on the imports of NTCF originating in, or exported from, the People's Republic of China. For the quarter ended March 2015, the company's net sales stood at Rs 8.5 bn while the net profit for the same period was reported at 0.6 bn. Stock of SRF is currently trading up by 6.8%.

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