Indian share markets open in the red

Wed, 12 Mar 09:30 am

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   11:30 am   

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The major Asian stock markets have opened the day in the red with the stock markets in Japan (down 2.2%) and Hong Kong (down 1.7%) leading the losses. The Indian share markets have opened the day on a weak note as well. The sectoral indices have opened mixed with the stocks in the metal and capital goods space leading the losses. However, stocks in the healthcare and FMCG space were leading the gains.

The Sensex today is down by around 40 points (0.2%), while the NSE-Nifty is down by about 15 points (0.2%). The mid and small cap stocks have also opened in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.1% and 0.2% respectively. The rupee is currently trading at Rs 61.14 to the US dollar.

Telecom stocks have opened the day on a mixed note with ADC India Communications Ltd and Tata Teleservices Ltd leading the losses. However, Reliance Communications Ltd and Bharti Airtel Ltd were leading the gains. As per a leading financial daily, Idea Cellular has entered into a partnership with Gameloft, a global publisher of digital and social games. As per the arrangement, Gameloft will offer quality gaming to more than 130 million subscribers of the company. Gameloft has popular franchises like Asphalt, Modern Combat and Real Football under its portfolio. The partnership will allow Idea's subscribers to access games from the Gameloft Game Store and also through Idea's mobile portal. Idea's subscribers will also get access to new content from Gameloft's portfolio on a regular basis through Gameloft Club subscription. In separate news, the company is drawing plans to get more revenues from data services. It is aiming to increase contribution from data service segment to 25% in the next three years. Currently, the share of the segment stands at 10%-12%.

Auto stocks have opened the day mainly in the red with Maruti Suzuki Ltd and Force Motors Ltd leading the losses. As per a leading financial daily, Maruti Suzuki India Ltd is planning to use its cash reserves to buy real estate for dealers in India and build manufacturing plants for its Japanese parent Suzuki Motor Corp. in emerging markets like Latin America and Africa. As per the daily, the move is likely to disappoint investors. The company is also planning to invest a part of its reserves worth Rs 75 bn in mutual funds, debt funds and fixed maturity funds. The company's Board is yet to take a final call regarding the plan. These plans follow recent announcement by Suzuki Motor that it would invest Rs 30 bn in a plant in Gujarat and the cars thus produced will be sold to Maruti Suzuki. The company's Board will meet on 15th March 2014 to discuss its operational plans for the next fiscal year.