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Indian stock markets open flat
Thu, 19 Apr 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (up 0.4%) and Taiwan (up 0.2%) trading firm. However, markets in Japan (down 0.6%) and Indonesia (down 0.2%) are facing selling pressure. The Indian stock markets have opened the day with marginal gains. Stocks in the healthcare and auto are trading firm. However, capital goods, realty and banking stocks are trading in the red.

The BSE-Sensex is up by 19 points (0.1%), while the NSE-Nifty is up by around 6 points (0.1%). Mid cap and small cap stocks are also trading in the green, with the BSE Mid cap and BSE Small cap indices up by 0.4% and 0.3% respectively. The rupee is trading at Rs 51.93 to the US dollar.

PSU bank stocks have opened the day on a weak note with Indian Overseas Bank (IOB), Central Bank and Dena Bank leading the pack of losers. On Tuesday, the Reserve Bank of India (RBI) lowered its key lending rates for the first time in the last 3 years. Just a day later, on Wednesday, public sector lender IDBI Bank announced a reduction of 25 basis points (0.25%) on its lending and deposit rates. IDBI's announcement came on a back of instructions from the finance ministry that banks should consider lowering interest rates to all productive sectors following the RBI's move. Effective from April 20, IDBI Bank's base rate, or the minimum lending rate will be 10.50%. Though this is still higher than the 10% base rate of State Bank of India (SBI), it is lower than 10.75% base rate of Bank of Baroda, Canara Bank, Bank of India and Punjab National Bank (PNB).

Stocks of ceramics companies are trading firm led by Euro Ceramics, Kajaria Ceramics and Nitco Limited. The stock of Kajaria Ceramics is trading firm on reports of the company forming a joint venture with Vennar Ceramics. It has done so by acquiring 51% of fresh equity in the latter for a sum of Rs 136.5 m. Vennar is a subsidiary of Anjani Portland Cement. The joint venture will set up a unit at Kaikalur near Vijaywada in Andhra Pradesh with a capacity to produce 2.3 m sq metre a year of high end ceramic wall tiles. This capacity is expected to come on stream by June 2012. This is a positive step for Kajaria considering that it would help cater to the southern markets by reducing the transit time for the delivery of goods and would lead to savings in transportation costs.

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