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Markets trade near the dotted line
Wed, 2 Sep 11:30 am

After opening the day on a flat note, the Indian Indices continued to trade near the dotted line. Among the sectoral indices, banking, power and engineering stocks are witnessing maximum selling pressure. However, software stocks are trading in the green.

The BSE-Sensex is down 43 points (0.2%) and the NSE-Nifty is trading 16 points down (0.2%). The S&P BSE Midcap is trading down by 0.2% while the S&P BSE Smallcap is trading up by 0.3%. The rupee is trading at 66.29 to the US dollar.

Automobile stocks are trading on a mixed note with Ashok Leyland and Tata Motors leading the losses. As per a leading financial daily, passenger car sales have surged for the month of August. This was on the back of companies rolling out new models and increasing dispatches to build up inventory for the forth coming festive season amid softening fuel prices. Strong sales by Maruti Suzuki and Hyundai Motors helped the passenger vehicle segment to grow in the range of 6-7% in August. Further, sales of Tata Motors grew 2% on a YoY basis. Presently the stock of Maruti is Suzuki is trading down by 0.5% while that of Tata Motors is trading down by 2.2%.

As reported in Economic Times, state-owned Coal India has reported an output of 36.21 million tonnes (MT) in August. This was 3.82% lower as compared to its target for the month. Further the output for company during the first five months of the current fiscal stood at 192.37 MT as against the target of 196.73 MT. The target for the current fiscal is set at 550 MT. Moreover, the government has set the coal production target for the company at one billion tonnes by 2020. Scrip of Coal India is presently trading down by 0.2% on the BSE.

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