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Indian stock markets widen losses
Tue, 7 Oct 01:30 pm

Indian stock markets slipped deeper in the red during the previous two hours of trade on account of sustained selling activity among the index heavyweights. Selling activity is led by stocks from metals and capital goods sector, whereas realty sector stocks are trading higher today.

The BSE-Sensex is trading down by 172 points and the NSE-Nifty is trading down by 56 points. The BSE Mid Cap index is trading down 0.3% and the BSE Small Cap index is trading down 0.1% today. The rupee is trading at 61.35 to the US dollar.

Automobile stocks are trading on a mixed note today with gainers being led by Force Motors and Escorts. However, Mahindra & Mahindra is trading on a weak note. As per a leading business daily, the country's largest carmaker by volumes, Maruti Suzuki is expected to phase-out C-segment of its sedan SX4. This move comes in the wake of the company's plan to roll-out new premium version of its sedan, Ciaz across India with a starting price of Rs 6.99 lakh. During the launch of new sedan Ciaz, the company management has announced that it would discontinue SX4 variant. Reportedly SX4 did not achieve expected volumes for Maruti. Either, the company could reposition SX4 and than market both SX4 and Ciaz as different cars catering to different buyers need. Alternatively, there are expectations that the company might come up with a new version of the SX4 for India. The stock of Maruti Suzuki is trading higher by 0.5% at the time of writing.

Engineering stocks are trading mixed with Everest Kanto Cylinder and Suzlon Energy being the major gainers whereas Cummins India and Voltas are among major losers. As per a leading financial daily, Larsen & Toubro (L&T) has bagged an engineering, procurement and construction (EPC) order valued at Rs 16.3 bn in Uttar Pradesh from Expressways Industrial Development Authority. The project is for the construction of a six-lane access controlled expressway from Unnao district to Lucknow. The 63 km expressway is expected to be completed within 36 months. L&T was earlier focusing on international projects in markets like Middle East to battle slowdown in the domestic markets. The revival in the domestic infrastructure market is likely to bode well for L&T's profitability as the company faces intense competition in international projects. L&T stock is currently trading down 1.2%.

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