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Indian markets nosedive
Thu, 20 Aug 01:30 pm

After trading on a flat note during the morning session Indian indices further moved southwards and are currently trading deep in the red. Sectoral indices are trading on a mixed note with stocks from the steel and mining sectors leading the losses. However, FMCG and pharma stocks are trading in the green.

The BSE-Sensex is trading down by 208 (down 0.7%) and the NSE-Nifty is trading down by 84 points (down 1%). The BSE Mid Cap index is trading down by 1.2% and the BSE Small Cap index is trading down by 1.4%. Gold prices, per 10 grams, are trading at Rs 26,419 levels. Silver price, per kilogram, is trading at Rs 35,875 levels. Crude oil is trading at Rs 2,708 per barrel. The rupee is trading at 65.39 to the US dollar.

Telecom stocks are trading on a mixed note with ADC India Communications leading the gains and ITI Ltd leading the losses. As per an article in Livemint, Idea Cellular has added 6.79 lakh new mobile subscribers in July, 2015. By this, the company's total subscriber count stands at 16.27 crore with a market share of 22.55%. Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level. It is present in all 22 telecom circles. Presently the stock of the company is trading down by 2.4%.

Banking stocks are trading negatively with Oriental Bank and Union Bank leading the losses. The Reserve Bank of India (RBI), with an aim to further widen the reach of banking services and in an effort to push the government's goal of financial inclusion, has given in-principle approval to 11 entities to open payments banks. This new format of the banks will provide basic savings, deposit, payment and remittance services to people without access to the formal banking system. The in-principle approval will be valid for 18 months, after which the entities will be given formal licenses, given that they fulfill conditions stipulated by RBI.

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