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Indian markets open firm
Thu, 5 Mar 09:30 am

Most of the Asian markets are trading in the red as Chinese official lowered the annual growth rate estimate to 7%. Majority of the Asian equity markets are trading weak with, China, Hong Kong and Taiwan trading lower by 1.2%, 0.84% and 0.20%, respectively. Japan and Korea markets are trading marginally higher, up by 0.2% and 0.02%, respectively. European markets closed yesterday's trading session with gains of more than 0.80% led by German market which gained nearly 1%. Investors are optimistic towards upcoming ECB meeting and stimulus measures which are set to start this month.

BSE Senex and NSE-Nifty opened have opened today's session on a firm note. While NSE Nifty is trading up by 23 points, BSE Sensex is trading up by 100 points. BSE Mid Cap and BSE Small Cap have too opened firm, up by 0.6% and 0.7% respectively. Among the sectoral indices, healthcare and FMCG goods are leading among gainers. The Indian Rupee is trading marginally higher by 0.01 at Rs 62.25. Crude oil prices gained more than 1.25% and is trading at Rs 3,178 per barrel while the precious metals, Gold and Silver are trading with a gain of 0.45% and 0.14% at Rs 26, 547 and Rs 36,449, respectively.

Majority of Telecom stocks have opened the day in green with, Reliance communications and ACG networks witnessing maximum buying interest. As per the financial daily, the spectrum bid which kick-started yesterday has gained good traction than expected. The Government was planning to fetch about Rs 800 billion from this auction. Surprisingly, it has already fetched Rs 620 billion from the telecom sector on the first day itself. The bands 900 MHz and 2,100 MHz witnessed strong bidding. Lowest bidding was seen in the circles that cover Mumbai, Delhi and Karnataka.

Infrastructure stocks have opened weak today. The Union Budget has emphasized on the development of infrastructure and defence this fiscal. Reliance Infrastructure limited acquired Pipavav Defence and Offshore Engineering Company for a sum total of Rs 8.2 billion. According to the leading financial daily, the company will be changing the management control and also will be offering to purchase 26% shares from the public at a per share price of Rs 66. This is subject to approval from SEBI Takeover Regulations. Stock of Reliance Infrastructure gained nearly 3% post such announcement while shares of Pipavav Defence tanked nearly 10%.

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