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Indian markets languish in red
Wed, 3 Jun Closing

Witnessing heavy selling pressure in almost all the sectors, the Indian markets dipped below the 27,000-mark to hit its lowest levels in almost 3 weeks, on fears of a drought in the country this year. While the BSE-Sensex closed lower by 307 points, the NSE-Nifty closed lower by 102 points. The S&P BSE Midcap and the S&P BSE Smallcap were not spared either and closed lower by 1.5% each. Losses were largely seen in realty and FMCG stocks.

Equity markets in Asia were subdued as seen from the most recent closing prices. The Hang Seng gained 0.7%, while the Nikkei 225 and Shanghai Composite fell 0.34% and 0.01% respectively. European markets are trading mixed today. The DAX is up 0.44%, while the CAC 40 gained 0.04%. The FTSE 100 is trading flat. The rupee was trading weak by 7 paise at 63.89 against the US dollar in the afternoon session.

According to a leading financial daily, state-run transmission utility Power Grid Corporation is planning to raise Rs 120 bn through domestic bond in the current fiscal. The proceeds from the bonds would be used for the Rs 225 bn capital expenditure plan. The company has reportedly earmarked a capital expenditure of up to Rs 1,000 bn for the next five years. The company would be maintaining a 70:30 debt to equity ratio for its capital expenditure plans. The company has already deployed Rs 40 bn for various projects in the last two months.

Shares of Bajaj Auto ended the trading day in the red after the company reported a 2% decline in total sales in May. The company reported 345,438 units this May against 351,436 units in the same month last year. Motorcycle sales during the month dropped 4% at 301,862 units as against 313,020 units in May last year. Commercial vehicles sales during the month stood at 43,576 units compared with 38,416 units in the year-ago period, a growth of 13%. Bajaj Auto's exports in May this year came in at 158,824 units as against 156,179 units a year earlier, up 2%.

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