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Indian stock markets open in the green
Wed, 25 Mar 09:30 am

The major Asian equity markets have opened the day on a mixed note with stock markets in Hong Kong (up 0.4%) and Malaysia (up 0.3%) leading the gains. However, the stock markets in Japan (down 0.4%) and China (down 1.1%) were leading the losses. The Indian share markets have opened on positive note. The sectoral indices have opened mixed with the stocks in the healthcare and auto sectors leading the gains. However, stocks in the metal and oil and gas segments were facing selling pressure.

The Sensex today is up by around 46 points (0.2%), while the NSE-Nifty is up by about 9 points (0.1%). The mid cap and small cap stocks have also opened in the green with BSE Mid Cap index and BSE Small Cap index up by 0.2% each. The rupee is currently trading at Rs 62.23 to the US dollar.

Telecom stocks have opened on a mixed note with Tata Teleservices Ltd and AGC Networks leading the gains. As per a leading financial daily, the Reserve bank of India (RBI) has rejected Tata sons offer to buy Japan group NTT Docom's stake in their Indian telecom joint venture - Tata Teleservices. Reportedly, during January 2015, RBI was "inclined to accept" Tata's proposal to buy stake in DoCoMo for US$1.1 bn. However, the clearance of the deal was also dependent on the finance ministry's view. Recently, RBI conveyed that "it cannot accede to this request as the same is not in conformity with the extant FEMA regulations". However it was not made clear, whether the RBI rejected Tata's proposal after the Finance Ministry refused to accept the proposal.

Stocks in the PSU banking sector have opened mainly in the red with United Bank of India Ltd and Punjab & Sind bank leading the losses. As per a leading financial daily, Punjab National Bank (PNB) has raised Rs 18 bn from long term bonds for infrastructure project finance and affordable housing in the nature of debentures. The 10-year bonds were issued at an annual coupon rate of 8.35 % on private placement basis on March 24, 2015. It must be noted that in order to encourage infrastructure development and affordable housing, RBI had last year exempted long term bonds from mandatory regulatory norms like cash reserves ratio (CRR), statutory reserves ratio (SLR) if the money raised is used for funding of such projects.

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