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Revealed
India's Third Giant Leap

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Indian stock markets open firm
Mon, 5 Jan 09:30 am

The major Asian stock markets have opened the day on a mixed note with China market (up 2.3%) and Japan market (up 0.4%) leading the gains. However, Singapore market (down 1.08%) and Korea market (down 0.7%) are the leading losers. The Indian share markets have opened on a firm note. All the sectoral indices have opened in green with consumer durables and capital goods stocks leading the pack of gainers.

The Sensex today is up by around 76 points (0.26%), while the NSE-Nifty is up by about 18 points (0.21%). The mid cap and small cap stocks have also opened in green with BSE Mid Cap index and BSE Small Cap index up by 0.47% and 0.52% respectively. The rupee is currently trading at Rs 63.28 to the US dollar.

As per a leading financial daily, the government is thinking of asking public sector banks (PSBs) to form a separate holding company. This separate holding company will be holding its stake as well as the banks' stakes in their various subsidiaries. Reportedly, the recommendation for reforming the sector includes the creation of a holding company that will own the government's stakes in all banks and which can raise money. This will be the first step towards a more fundamental reform that could help the nationalised banking sector getting freed from majority state ownership.

As reported in a financial daily, the Indian government is likely to approve an ordinance for incorporating the pending mines and minerals amendment bill today. Reportedly, the said ordinance is for a new process of "auction by competitive bidding" for all mineral mines. However there have been some objections on the said proposal, which says the government lacks ability to perform reconnaissance operations. However, the government seems to be firm on this aspect since it has proposed a District Mineral Foundation (DMF) in every district affected by mining "to earmark funds for the benefit of persons affected by mining and for the rebuilding of infrastructure in affected areas".

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