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Indian markets skid southwards
Mon, 17 Aug 11:30 am

After opening the day deep in red, the Indian Indices have remained well below the dotted line in the morning session. Sectoral indices are trading mixed with stocks from the auto, IT and energy sectors leading the losers. However banking stocks are trading firm.

The BSE-Sensex is trading down by 245 points (0.9%) and the NSE-Nifty is trading down by 60 points (0.7%). The S&P BSE Midcap index and the S&P BSE Smallcap index are trading marginally higher. At the time of writing, the rupee was trading at 65.21 to the US dollar.

Stocks in the mining sector are trading mixed with Vedanta Ltd and NMDC Ltd leading the losses. As per an article in Economic Times, state-run MOIL has declared that it has received the green clearance for opening a new mine in Nagpur, Maharashtra. The said location is near to the existing Munsar mine of the company and around 45 km from Nagpur. The company is expecting production of about 40,000 tonnes per annum from this area. At present, MOIL operates 10 mines, located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. Scrip of the company is currently trading up by 0.9%.

Private banking stocks are also trading on a mixed note with J&K Bank and Dhanlaxmi Bank leading the gains. As per a leading financial daily, Axis Bank is going to upgrade about one-fourth, or 50,000, of its point of sales (PoS) machines. This will enable the Bank to accept debit and credit card payments from contactless cards. For this, the bank has launched contactless multi-currency forex cards in partnership with the payments gateway company Visa. Presently the stock of Axis Bank is trading down by about 1.5%.

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