Indian share markets open weak

Fri, 5 Apr 09:30 am

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The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 3.8%) and Taiwan (up 0.4%) leading the gains. However, the stock markets in Hong Kong (down 2.4%) and South Korea (down 2.0%) are leading the losses. The Indian shatr markets indices have opened the day on a weak note. Stocks in the software and FMCG space are leading the losses. However, the stocks in the realty and oil and gas sector have opened on a firm note.

The Sensex today is down by around 23 points (0.1%), while the NSE-Nifty is down by around 10 point (0.2%). Mid and small cap stocks have, however, opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% each. The rupee is trading at Rs 54.82 to the US dollar.

Telecom stocks have opened the day on a mixed note with Reliance Communications and Tata Teleservices leading the gains. However, AGC Networks Ltd and ADC India Communications Ltd are leading the losses. As per a leading financial daily, a panel of judges at India's Delhi High Court (HC) has quashed an earlier order of the court that halted the execution of Government order to Bharti Airtel. As per the Government order, the company will have to stop 3G services in zones where it does not have its own airwaves and is providing the premium services through pacts with other carriers. The latest order of HC is in response to a plea by Reliance Communications (RCOM). The latter had said that Bharti's move to provide pan-India 3G data services was impacting RCOM's business. Bharti Airtel is likely to approach the Supreme Court (SC). However, it will have to shut down 3G services in seven regions if SC fails to provide relief. As per the government's legal representative, Bharti might have to pay around Rs 3.5 bn for offering high-end data services in seven regions where it does not have 3G frequencies. However, the deadline for this payment would be known when the court's orders are made public.

Engineering stocks have opened the day on a mixed note with Bharat Earth Movers Ltd and Engineers India Ltd leading the gains. However, Kalpataru Power and Ingersoll Rand are leading the losses. As per a leading financial daily, Larsen & Toubro (L&T) is poised to bag a Rs 15 bn road project in Abu Dhabi. The company is doing so in partnership with Delma Engineering in United Arab Emirates. It is a significant move in the company's strategy to pursue foreign business at a time when domestic market is drying up and some orders face cancellation. In separate news, the company has announced bagging around Rs 14 bn project from Abu Dhabi Airports Company PJSC. The order is likely to be executed in 28 months.