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Indian equity markets trade flat
Mon, 3 Sep 11:30 am

Indian equity markets have given up early gains and are trading flat over the last two hours of trade. FMCG and Oil and Gas stocks witnessed maximum selling pressure, while Consumer Durable and Auto stocks witnessed maximum buying interest.

The Sensex today is up by 2 points, while the NSE-Nifty today is down by 4 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.43% and 0.44%. The rupee is trading at 55.44 to the US dollar.

Mining stocks are trading strong led by Moil Limited and MMTC. According to a leading financial daily, authorities in Odisha have halted operations at six mines of Coal India. Operations were halted at Coal India's Lajkura open caste mine and the Orient group of mines at Ib-valley Coal fields in Jharsuguda district, that belong to Mahanadi Coalfields Limited (MCL), an unit of Coal India. The company did not have the forest clearances. The mines will remain shut until they get the approval. State authorities asked the unit to halt operations earlier this year but the mines were given a temporary reprieve by the Supreme Court. The concession period has expired and the company has been told to shut the operations. MCL has already submitted the application and completed all the formalities for receiving the necessary clearances.

Automobile stocks are the top gainers today led by Eicher Motors and Bajaj Holdings and Investments. According to a leading financial daily, Mahindra & Mahindra (M&M), is planning to expand its business operations in Sri Lanka. The auto company will be launching 2-wheelers in the Sri Lankan market along with aviation vehicles. In fact, the company has already sold its first aircraft in Sri Lanka. Scooters will be launched by the end of this year. To build upon its brand value in the Asian country, M&M has partnered with Sri Lanka Premier League (SLPL) as the title sponsor for the first edition of the tournament. M&M has plans to launch motorcycles too after introducing scooters this year.

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