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Indian stock market fell in the red
Tue, 8 Jul 11:30 am

Despite opening in the green, Indian stock markets fell in to the negative territory and remained volatile during the previous two hours of trade. Except the healthcare and FMCG sectors, stocks from all sectoral indices are trading weak. Metals and realty stocks are witnessing the maximum selling pressure.

The BSE-Sensex is trading down by 50 points and the NSE-Nifty is trading down by 22 points. The BSE Mid Cap index is trading down 0.2% and the BSE Small Cap index is trading down 0.5% today. The rupee is trading at 59.94 to the US dollar.

Almost all auto stocks are trading on a weak note. TVS Motors and Escorts are major losers, while Eicher Motor is trading higher. As per a leading business daily, the world's largest two-wheelers' manufacturer by volumes, Hero MotoCorp, has started construction of US$ 70 m manufacturing unit in Colombia. Of this, the company will spend US$ 38 m in capital expenditure, while the balance with US$ 32 m towards working capital over the next three years. The plant is expected to have initial capacity of 150,000 units p.a. The company is planning to make Colombia as its base for supplying its vehicles in North America. This is as per the company's move to expand its geographical coverage after ended its three decade long joint venture with Honda Motors. The stock is marginally down by 0.3% today.

Energy stocks are trading mixed with gains being led by Castrol India and Indian Oil Corporation (IOC). However, Indraprastha Gas and Oil and Natural Gas Corporation Ltd. (ONGC) is in the red. As per a leading business daily, new government is planning to announce a privatization programme in its maiden Union Budget held on 10th July, 2014. Wherein, it is expected to offload its 5% to 10% stake in ONGC. At the current market price of ONGC, this will result in fund raising of Rs 350 bn. It is believed that the process of appointing merchant bankers has been initiated. Earlier, in 2012 the government fetched Rs 120 bn by sale of its 5% stake in the company. However, market sentiment during that time was poor and the state owned LIC had to bail out the government by subscribing up to 88% of the offer for sale (OFS). Presently, the sentiment is buoyant with Indian stock markets at its peak led by the new government plans to revive the economy. As such, it is noted that the stake sale will be launched post more clarity on gas pricing norms, subsidy sharing formula and possible listing of ONGC Videsh.

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