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Indian share markets open firm
Wed, 9 Apr 09:30 am

Barring Japan (down 2.1%), all major Asian stock markets have opened the day on a firm note with stock markets in Hong Kong (up 1%) and Taiwan (up 0.4%) leading the gains. The Indian share markets have also opened the day on a firm note. Barring consumer durables, all sectoral indices have opened in the green with stocks in the realty and banking space leading the gains.

The Sensex today is up by around 107 points (0.5%), while the NSE-Nifty is up by about 29 points (0.4%). The mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% each. The rupee is currently trading at Rs 60.08 to the US dollar.

Steel stocks have opened the day on a firm note with Adhunik Metaliks, Tata Steel and Steel Authority of India Ltd (SAIL) leading the pack of gainers. As per a leading financial daily, Tata Steel is set to sell off its New Zealand business. New Zealand's Steel and Tube would acquire Tata Steel International Australia (TSIA) for a consideration of NZ$ 27.5 million (approx. Rs 143 crore). It must be noted that TSIA is a leading supplier of stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets. It also sells colour coated and packaging steels, railway tracks and structural sections.

Mining stocks have opened the day on a firm note with Gujarat NRE Coke and National Mineral Development Corporation (NMDC) leading the gains. After continuous delays and non-adherence to two deadlines, state-run mining giant Coal India Ltd (CIL) has managed to sign 160 fuel supply agreements (FSA) with power producers. It must be noted that power projects with 78,000 MW capacity have been approved for coal supplies by the Cabinet Committee on Economic Affairs (CCEA). For this 78,000 MW capacity, CIL was supposed to sign FSAs for 172 units covering 134 Letter of Assurances (LoAs). So now that CIL has signed 160 FSA, there are 12 more to go.

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