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Indian equity markets extend losses
Fri, 31 Aug 11:30 am

Indian equity markets continued to trade weak over the last two hours of trade on back of selling across sectors. Barring healthcare and consumer durables, all sectoral indices witnessed selling pressure.

The Sensex today is down by 72 points, while the NSE-Nifty today is down by 35 points. However, BSE Mid Cap and BSE Small Cap indices are up by 0.1% and 0.2% respectively. The rupee is trading at 55.69 to the US dollar.

Auto stocks are trading in the red led by Hero Motocorp and Force Motors. According to a leading financial daily, Maruti Suzuki is now focussing on bigger cars to build its market share. Its first multi-utility vehicle Ertiga has been very successful and the auto company wants to focus on bigger utility vehicles and sedans to maintain its leadership position in the automobile market. Maruti is planning to give a face lift to its mid-size sedan SX4 and other utility vehicles like Grand Vitara, SX4 crossover utility vehicle and compact SUV are also on radar over next 2-3 years. For its sports utility vehicle (SUV) Grand Vitara, Maruti is considering local production or assembly of parts.

Software stocks are trading weak led by TCS and Moser Baer India. According to a leading financial daily, global telecom giant British Telecommunications Plc (BT Plc) has sold 14.1% stake in Tech Mahindra to institutional investors for about Rs 14 bn. The UK based BT group is a co promoter of Tech Mahindra with the Mahindra and Mahindra (M&M) group. The stake of BT now stands reduced to 9.1% from 23.16%. Earlier in 2010, BT had sold 5.5% stake in Tech Mahindra to M&M. BT is considering further stake sale in future too.

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