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Indian markets face downside
Tue, 15 Sep 11:30 am

After opening the day weak, Indian stock markets have continued to witness downside. Among the sectoral indices, mining and steel stocks are witnessing maximum selling pressure.

The BSE-Sensex is down by 123 points (0.5%) and the NSE-Nifty is trading down by 43 points (0.5%). The BSE Mid Cap & BSE Small Cap indices are also trading in the red, down by 0.5% and 0.2% respectively. The rupee is trading at 66.44 to the US dollar.

Stocks in the automobile space are trading mixed with Tata Motors and Hero Motocorp leading the losses. As per an article in Livemint, the Reserve Bank of India (RBI) has allowed foreign investors to invest up to 40% of the paid-up capital in Maruti Suzuki India Ltd. This was allowed by the RBI under the portfolio investment scheme. The company has passed resolutions at its board of directors' levels and a special resolution by shareholders for the agreement of enhancing the limits for purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through the primary market and the stock exchanges. Presently the stock of Maruti Suzuki is trading up by 0.7%.

Power stocks are trading on a mixed note with Torrent Power Ltd and Rattan India Power leading the gains. As per a leading financial daily, power producers including NTPC, GMR, GVK and Lanco are in the fray for second round of auction in order to bag the Rs 26 bn government subsidy for buying expensive imported LNG for their idle plants. This assistance is provided under the Power System Development Fund which is set up by the government. Under the plan, liquefied natural gas (LNG) will be imported and cash-strapped state power distribution companies will be financially supported to buy electricity from them. In the first round, 15 projects were shortlisted through a so-called reverse e-bidding process.

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