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Indian share markets open weak
Wed, 20 Aug 09:30 am

Barring South Korea (down 0.2%) and China (down 0.1%), all major Asian stock markets have opened the day on a firm note with stock markets in Taiwan (up 0.3%) and Singapore (up 0.4%) leading the gains. The Indian share markets have opened the day on a negative note. The sectoral indices have opened on a mixed note with the healthcare and IT index leading the gains. However, capital goods and realty indices are trading weak.

The Sensex today is down by around 24 points (0.1%), while the NSE-Nifty is down by about 11 points (0.1%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.1% and 0.4% respectively. The rupee is currently trading at Rs 60.80 to the US dollar.

Auto sector stocks have opened the day on a mixed note with Escorts and Maharashtra Scooters leading the gains. However, Hero MotoCorp and Maruti Suzuki are trading in the red. As per a leading financial daily, commercial vehicle manufacturer Ashok Leyland has raised Rs 2.1 bn from sale of a 1-acre property in Chennai posh Boat Club area, which is one of the most expensive residential addresses in the city. The proceeds of the transaction have been fully received by the company. The move is a part of company's strategy to sell non-core assets with an aim to cut debt. In 2013, the company had mobilized around Rs 6 bn by selling its non-core assets including some of its real estate assets.

Power sector stocks have mainly opened the day on a weak note with Indiabulls Power and Jaiprakash Power leading the losses. As per a leading financial daily, state run power major National Thermal Power Corporation (NTPC) has lost 800 million units of electricity generation at its Vindhyachal thermal plant due to coal shortage. The generation of balance unit is also regulated and is running at 49% of the plant load factor or efficiency. In case the situation does not improve, more units at Vindhyachal may have to be shut down. As per the company, six of its company's power plants are facing coal scarcity.

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