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Markets open on a strong note
Thu, 23 Apr 09:30 am

Following the global cues, the Indian markets have opened on a strong note. The Sensex is up 144 points or 0.5% and the NSE-Nifty is up 50 points or 0.6% . BSE Mid Cap and BSE Small Cap indices have also opened on a positive note, up by 1% and by 0.8% respectively. Majority of the sectoral indices are trading in the green with metal, realty and consumer durables stocks witnessing maximum buying pressure.

With regards to global markets, US stocks closed about half a percent higher, ending a day of choppy trade as investors weighed mixed earnings and signs of strength in the housing market. European markets closed mixed while Asian stocks were trading in the green tracking overnight gains from Wall Street. Japan's Nikkei continued its advance above the 20,000 mark. The rupee opened trading with a marginal loss at Rs 62.95 to the dollar.

Shares of Biocon opened in green (up 2%) after it was reported that the biotechnology major filed a prospectus with market regulator Securities and Exchange Board of India for the Initial Public Offer of its research subsidiary, Syngene. The money is raised to fund R&D programmes. The company plans to sell 22 million equity shares, including reservation of up to two million shares for, through an offer Biocon shareholders for sale. Reportedly, the stake dilution will be 11% of the post-issue diluted equity capital of Syngene.

As per a leading financial daily, Larsen and Turbo's construction subsidiary ha acquired orders worth Rs 26.74 bn across various business segments. Reportedly, the power transmission and distribution business has bagged an EPC order from a reputed oil refinery company in Middle East for enhancement of their existing electrical facilities. Also, the firm's solar business has received orders for the turnkey constructions of solar photovoltaic power plants from multiple private solar developers. Shares of L&T, however have opened on negative note, down by 0.3%.

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