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Indian markets open deep in the red
Wed, 8 Jul 09:30 am

The major Asian stock markets have opened the day on a negative note with markets in Hong Kong (down 4.2%) and Japan (down 2.3%) bearing the maximum burnt. US stock markets closed their trading session on a positive note while European stock markets closed their session in the negative zone.

Indian markets have opened the trading session on a discouraging note today. BSE-Sensex is trading lower by 252 points (down 0.9%) and NSE-Nifty is trading lower by 85 points (down 1%). S&P BSE Midcap and S&P BSE Smallcap index indices are also trading in the red, down by 0.6% and 0.5% respectively. Most of the sectoral indices are also trading in the red with mining and auto stocks leading the losers. The rupee is trading at 63.53 per US dollar.

Most of the stocks in the automobile space have opened the day on a negative note. As per financial times, the country's largest passenger vehicle company Maruti Suzuki has recorded a growth in its pre-owned car business at 3,58,000 units in 2014-15. This sheer volume of units sold, makes True Value (Maruti's pre-owned car business) the third largest domestic passenger vehicle seller. The number of cars sold by True Value was up by 26% in FY15. In the first quarter ended June this year, a total of 87,800 cars were sold at True Value, up by 12% from the last fiscal in the same period. Also for the same quarter, Maruti sold 3,05,694 new vehicles. The stock of Maruti Suzuki has opened the day marginally down.

Food and Tobacco stocks have opened the day on a mixed note. As per a leading financial daily, Nestle India has paid Rs 200 m to cement producing major Ambuja Cement for destroying Maggi instant noodles which were found to be harmful for consumption by the food regulators. As Nestle stated that In addition to the value of stocks being destroyed there will be additional costs to take into account, which will include bringing back stock from the market, transporting the stock to the destruction points and destruction cost etc. As stated, the company is in the process of destroying Maggi instant noodles worth Rs 3200 m. The stock of Nestle has opened the day in the red.

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