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Indian stock markets open flat
Fri, 3 Feb 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Singapore (up 0.8%) and Taiwan (up 0.2%) trading firm. However, markets in South Korea (down 0.6%), Japan (down 0.3%) and Hong Kong (down 0.2%) are trading in the red. The Indian stock markets have opened the day on a flat note. While healthcare and technology stocks are trading firm, stocks in the banking and metal space are facing selling pressure.

The BSE-Sensex is trading marginally lower by 15 points (0.1%), while the NSE-Nifty is down by around 4 points (0.1%). However, mid cap and small cap stocks are trading in the green with the BSE Mid cap and BSE Small cap indices up by 0.1% and 0.2% respectively. The rupee is trading at Rs 49.18 to the US dollar.

Oil & gas stocks have opened the day on a mixed note with Reliance Industries Limited (RIL) and Cairn India trading in the red. However, Oil India and Bharat Petroleum Corporation Ltd. (BPCL). The Empowered Group of Ministers (EGoM) have decided to meet again after 10 days to decide the stake sale of Oil and Natural Gas Corporation Ltd. (ONGC). The petroleum ministry commented that they have discussed the implications of the new Security And Exchange Board Of Indian (SEBI) guidelines and they feel that it is quite attractive to sell the stake now. However, the Petroleum Minister said that the EGoM is yet to make a decision on the timing and mode by which the stake sale will be done. The new SEBI guidelines are only applicable to the top 100 companies by market capitalisation. With the new guidelines coming in, ONGC stake sale can be done with the help of the follow-on public offer (FPO) or by the auction route.

Information Technology stocks (IT) have opened the day on a mixed note with Financial Technologies and Mphasis trading firm. However, Tech Mahindra. and Hexaware Technologies are facing selling pressure. IT firm Wipro has a small business of clean-technology which has completed a 40 MW solar photovoltaic power plant for its customers. This clean tech arm is a part of Wipro EcoEnergy, a subsidiary of Wipro. The company is expected to further increase the capacity by 5 MW. This clean-tech venture has now reached a level from where it can be further scaled up. Mr G K Prasanna, the Senior Vice-President, Wipro EcoEnergy, said that the company will have the capacity of around 100 MW by 2012-13. This will put Wipro among the topmost EPC (engineering procurement and construction) companies in the solar power industry. This arm of Wipro has two major segments which include solar energy and energy management.

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