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Indian markets open in red
Wed, 22 Jul 09:30 am

The major Asian stock markets have opened the day on a weak note with markets in Hong Kong (down 1.1%) and Japan (down 1%) bearing the maximum burnt. Further stock markets in US and Europe also closed their session red. In commodity markets, Gold is trading at Rs 24,896 per 10 grams, down 0.5% while Silver is trading down by 0.4%.

Indian markets have opened the trading session on a negative note today. BSE Sensex is trading lower by 54 points (down 0.2%) and NSE-Nifty is trading lower by 10 points (down 0.1%). BSE Mid Cap and BSE Small Cap index indices are trading marginally up. The rupee is trading at 63.54 per US dollar.

Automobile stocks have opened the day on a mixed note. According to financial times, Maruti Suzuki has achieved a milestone by outgrowing the Suzuki Motor in market value. The company's stock has surged 65% in the past year that swelled its market capitalization to US$19.73 bn. while the Japanese parent Suzuki is valued at US$19 bn. Meanwhile, Maruti has been given a free hand to develop business in Africa and Latin America by using the existing dealer network of Suzuki. The stock of company has opened in the green.

Power stocks have also opened the day on a mixed note. According to business times, Tata Power is planning to sell its 30% stake in Arutmin mine in Indonesia. This step comes after the company has been witnessing some challenges due to crash in the coal prices. Further, the company is also working on the debt restructuring plans with lenders. The transaction is to help Tata Power cut its massive consolidated debt which has rose to Rs 408 bn as on March 2015. Due to this, the company has sought to refinance its loans of Rs 100 bn which were taken for Mundra project in Gujarat. Stock of Tata Power has opened the day marginally down.

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