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Indian markets rebound
Tue, 25 Aug 01:30 pm

After opening the day in the green and later on plunging into the red, the Indian Indices currently are trading on a firm note. Sectoral indices are trading on a mixed note with stocks from the auto and telecom sectors leading the losses. However, banking, power and mining stocks are trading in the green.

The BSE-Sensex is trading up by 193 points (up 0.8%) and the NSE-Nifty is trading up by 53 points (up 0.7%). The S&P BSE Midcap index is trading up by 1.2 % and the S&P BSE Smallcap index is trading marginally down. Commodities are trading on a negative note. Gold prices, per 10 grams, are trading at Rs 27,114 levels. Silver price, per kilogram, is trading at Rs 34,698 levels. Crude oil is trading at Rs 2,619 per barrel. The rupee is trading at 66.39 to the US dollar.

Engineering stocks are trading mixed with TRF Ltd and Everest Kanto Cylinder leading the losses. As per a leading financial daily, Larsen and Toubro's (L&T) subsidiary- L&T Construction has won orders worth Rs 15.6 bn under the Power and Transmission & Distribution Business in July and August 2015. Among these, a key order has been received from Tenaga Nasional Berhad (TNB) for the design, manufacture, supply, installation, testing and commissioning of a 500 KV double circuit transmission line in Malaysia. Further, L&T Oman LLC, a subsidiary of L&T in Oman, has bagged two major orders from Oman Electricity Transmission Company SAOG (OETC). On the domestic front, a major order has been received from Tamil Nadu Transmission Corporation (TANTRANSCO). Stock of L&T is currently trading down by 0.8%.

Stocks in the banking space are also trading on a mixed note with Yes Bank and ICICI Bank witnessing maximum buying interest. As per an article in Business Standard, Yes Bank will initiate its plans for Rs 65 bn share sale in the second half of the current fiscal. The bank has been granted approval by the board to raise USD 1 bn by selling shares in local and overseas markets. The bank had raised USD 500 m from a stock sale in May. On a separate note, the bank has also received approval from its board to hike the foreign shareholding limit up to 74% from existing 49%. Presently the scrip of Yes Bank is trading up by 4.8%.

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