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Indian markets under pressure
Wed, 23 Sep 11:30 am

After opening the day on a bearish note, the Indian Indices continued to trade in the red. Most of the sectoral indices are trading on a weak note with auto and banking sector leading the losses.

The BSE-Sensex is trading lower by 79 points (down 0.3%) and the NSE-Nifty is trading down 41 points (down 0.5%). The S&P BSE Midcap index is trading down by 0.5% while the S&P BSE Smallcap index is trading flat. The rupee is trading at 66.06 to the US$.

Stocks in the Mining space are trading on a weak note with NMDC Ltd and Hindustan Zinc leading the losers. As per an article in Economic Times, the centre is likely to start the auction of 80-90 identified mine blocks by November and assist the states facing problems in this process. As reported by the Union steel and mines minister, around 146 blocks have been marked by the states, out of which 82 blocks are likely to be auctioned in November. For this, the draft report on National Mineral Exploration Policy will be put in public domain within few days to invite suggestions from the industry including both public and private sectors.

Cement stocks are trading negatively with losses led by Shree Cement and UltraTech Cement. As per a leading financial daily, Aditya Birla Group flagship firm UltraTech Cement has commissioned its grinding unit in Jhajjar, Haryana, with a capacity of 1.6 million tonnes per annum (MTPA). This move is aimed at increasing the firm's slice in the north region which accounts for a major share of India's cement market. With the commissioning of this, marked as the firm's 13th unit, UltraTech's total cement capacity has reached 63.1 MTPA. Presently the scrip of the company is trading down by 1.2%.

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