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Indian share markets open weak
Mon, 3 Mar 09:30 am

On the back of mounting political tensions in Ukraine, most Asian stock markets have opened the day on a weak note with Japan (down 1.9%) and Singapore (down 0.8%) leading the losses. The Indian share markets have also opened the day on a weak note. Stocks in the capital goods and banking space are leading the losses. However, information technology stocks are trading firm.

The Sensex today is down by around 26 points (0.1%), while the NSE-Nifty is down by around 13 points (0.2%). However, midcap and smallcap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by about 0.4% and 0.3% respectively. The rupee is currently trading at Rs 61.79 to the US dollar.

Engineering stocks have opened the day on a mixed note with Lakshmi Machine Works and Voltas Ltd leading the gains. However, Sanghvi Movers and Honeywell Automation are trading in the red. As per a leading financial daily, state-run power equipment manufacturer Bharat Heavy Electricals Ltd (BHEL) has won a contract for National Thermal Power Corporation's 1,980 MW North Karanpura super thermal power project in Jharkhand. The EPC (Engineering Procurement and Construction) order, won through international competitive bidding, is valued at Rs 79 bn. The plant will have three units. Each unit will have a generation capacity of 660 MW. As per BHEL, the work involves design, engineering, manufacture, supply, construction, erection, testing and commissioning for the EPC package.

Auto stocks have opened the day on a mixed note with Tata Motors and Tubes Investments leading the losses. However, Maharashtra Scooters and TVS Motor Company are trading firm. India's leading passenger vehicle maker Maruti Suzuki has announced its sales for the month of February 2014. During the month, the company's domestic sales stood at 99,758 units, marginally higher by 1.8% on a year-on-year (YoY) basis. Export sales declined by 19.5% YoY to 9,346 units in February 2014. Passenger vehicle sales increased marginally by 0.9% YoY to 84,595 units during the month. For the eleven month period (April 2013 to February 2014) total sales (domestic + export) declined marginally by 0.9% YoY to 1,041,691 units.

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