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Indian stock markets open in the red
Wed, 26 Nov 09:30 am

Asian stock markets have opened on a mixed note with stock markets in China (up 0.5%) and Korea (up 0.2%) leading the gains. However, stock markets in Singapore (down 0.2%) were facing selling pressure. The Indian share markets have opened the day on a negative note with stocks from banking and realty sector leading the losses. However, stocks in the FMCG and power sector were trading firm.

The Sensex today is down by around 28 points (0.1%), while the NSE-Nifty is down by about 16 points (0.2%). The mid cap and small cap stocks have opened in the green with BSE Mid Cap index and BSE Small Cap index up by around 0.1% and 0.3% respectively. The rupee is currently trading at Rs 61.85 to the US dollar.

Mining stocks have opened mixed with Ashapura Minechem Ltd and Sesa Sterlite Ltd leading the gains. However, Gujarat NRE Coke and MMTC Ltd were facing selling pressure. As per a leading financial daily, the Government is in the process of formulating strategies to almost double Coal India's output to one billion tonnes over the next five years. To achieve this target, the Coal Ministry has sought suggestions from stakeholders, industry bodies like FICCI and others. Further, Coal India is likely to invest Rs 50 bn to buy 250 rakes for transporting coal. It is noteworthy that the company that accounts for 80 % of domestic coal production, missed its output target of 482 million tonnes (MT) for 2013-14, producing 462 MT during the period. Its production target for 2014-15 has been set at 507 MT.

FMCG stocks have opened mainly in the green with Jyothy Consumer Ltd and Kokuyo Camlin Ltd leading the gains. However, Lakshmi Energy Ltd and Archies Ltd were leading the losses. As per a leading financial daily, Shishir Bajaj Group, which broke off from the rest of Bajaj family a few years ago, has sold a small stake in its flagship group firm Bajaj Corporation Ltd for a little over Rs 3.2 bn to Singapore's sovereign wealth fund Temasek. As a result of this, the promoter holding in the company has come down from 75% to 67%. The company is known for its hair oil brands like Bajaj Kailash Parbat Thanda Tel, Bajaj Almond Drops Hair Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Shikakai Hair Oil and Bajaj Jasmine Hair Oil. For Temasek, this marks the second bet on an Indian FMCG firm. In early 2012 it had invested Rs 6.9 bn to buy 4.9 % stake in consumer products firm Godrej Consumer Products Ltd, in the single-largest alternative investment deal in the Indian FMCG industry.

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