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Indian markets trade weak
Mon, 5 Sep 11:30 am

Indian stock market indices continue to trade weak. Oil & Gas and IT stocks are witnessing excessive selling pressure while consumer durable and Realty stocks are the only sectors trading in the green.

The BSE-Sensex is down 197 points and NSE-Nifty is down 56 points at the moment. BSE Mid Cap and BSE Small Cap indices are down by 0.05% and 0.35% respectively. The rupee is trading at 45.88 to the US dollar.

Power stocks are trading weak. Suzlon Power and Adani Power are the biggest gainers while Bharat Heavy Electricals (BHEL) and ABB are the biggest losers. According to a leading financial daily, World's largest coal miner Coal India's attempt to develop 18 new mines, which have reserves of approximately 1.6 bn ton of high quality coking and thermal coal might be delayed. Earlier the company had floated tenders for joint development of the mines. But this did not get any response because of strict conditions imposed on developing mines. The company is preparing to issue second round of tenders with relaxed conditions in the hope of getting more response. If this also fails then the company will consider switching to global open tender mode for developing its abandoned mines which could delay the project. The abandoned mines include 6 of Eastern coalfields, 8 of Bharat Coking Coal and 4 of Central coalfields mines.

Energy stocks are trading in the red. Cairn India and Reliance Industries are the biggest losers while Essar Oil and HPCL are the biggest gainers. According to a leading financial daily, state run Oil and Gas Corporation (ONGC) which has a stake in 8 out of the 10 oil and gas properties of Cairn India is unlikely to exercise its pre-emption rights to acquire Cairn India. The company holds pre-emption or the right of first refusal over Cairn India's participating interest in the oil fields. The company finds the price of Rs 335 a share that Vedanta Resources is paying for Cairn India too high. Cairn has also informed ONGC that it is agreeing to the government's condition on royalty and cess and will formally write to ONGC for a no objection certificate.

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