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Indian share markets open weak
Thu, 11 Oct 09:30 am

Barring Hong Kong (up 0.2%), all major Asian stock markets have opened the day on a weak note with stock markets in China (down 0.3%), South Korea (down 0.3%) and Taiwan (down 1.6%) leading the pack of losers in the region. The Indian share market indices have also opened the day in the red. Barring oil and gas and realty, all sectoral indices have opened in the red led by power and capital goods.

The Sensex today is down by around 32 points (0.2%), while the NSE-Nifty is down by around 5 points (0.1%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.2% and 0.1% respectively. The rupee is trading at Rs 53.12 to the US dollar.

Energy stocks have opened the day on a mixed note with Cairn India Ltd and Gujarat Gas leading the pack of gainers. However, Oil India Ltd and Essar Oil hare witnessing losses. As per a leading financial daily, the commissioning of Petronet LNG's terminal at Kochi is likely to face further delay and happen next year. Earlier, it was decided to commission this year itself. As per the management, there is no delay from the company's side. While the official construction of the terminal would be done by the end of this month, the company will not be bringing LNG now. This is because of the slow pace in marketing arrangement of liquefied Natural Gas (LNG) in southern states and delay in the construction of the pipeline network. The formal commissioning will be done only after the marketing arrangements are set in by Gas Authority of India Ltd (GAIL).

Steel stocks have opened the day on a mixed note with Jindal Sponge Ltd and Tata Sponge leading the gains. However, JSW Steel and Tayo Rolls are facing selling pressure. As per a leading financial daily, the proposed Rs 160 bn joint venture (JV) between Steel Authority of India Ltd and Korean firm Posco steel to set up a 3-million tonne per annum (mtpa) steel plant at Bokaro in Jharkhand may get scrapped over the issue of controlling rights over the JV. The steel minister Mr. Beni Prasad Verma has clearly said that any JV plans with Posco will be rejected if it is not a 50:50 partnership. However, Posco's management is insisting on a majority stake in the JV. Mr. Verma has also said the chairman of the proposed JV should be an Indian.

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