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Indian stock markets open on a weak note
Tue, 8 May 09:30 am

Barring China (down 0.6%) and Hong Kong (down 0.1%), Asian stock markets have opened the day on a positive note. Markets in Japan (up 0.6%) and South Korea(up 0.5%) are leading the gainers in the region. The Indian stock markets have opened on a weak note. Stocks in the consumer durables and realty sectors are witnessing maximum gains while capital goods and software stocks are leading the losses.

The BSE-Sensex is down by around 81 points (0.48%), while the NSE-Nifty is down by around 11 points (0.1%). BSE Mid cap and BSE Small cap stocks are trading in the green with the BSE Mid cap and BSE Small cap indices up by around 0.6% each. The rupee is trading at Rs 52.73 to the US dollar.

Banking stocks have opened the day on a mixed note with Development Credit Bank and Yes Bank leading the gainers and Karur Vysya Bank and J&K Bank trading the weakest. HDFC has reported results for fourth quarter ended March 31, 2012 (4QFY12) and fiscal year 2012 (FY12). The company has registered a growth of 17% on a year on year (YoY) basis in the net interest income for FY12. The net profits for the fiscal are also up 32% YoY. The overall loan and deposit growth for the year were 22% YoY and 18% YoY respectively. During the quarter, the net interest income was up 19% YoY backed by the growth in advances. The net interest margins at the end of the year were marginally higher at 4.2%.The other income during the quarter was up 19% YoY. The board of directors of the company has recommended a dividend of Rs 4.3 per share. The stock was trading in the red.

Telecom stocks have opened the day on a mixed note with Idea Cellular and Mahanagar Telephone Nigam Ltd leading the gainers and AGC network and ADC India Communications Ltd. trading the weakest. The country's largest telecom service provider, Bharti Airtel, continues to expand its 4G footprint. The company launched its 4G services in Bangalore yesterday. Bangalore is the second city in which Airtel has launched its 4G services with Kolkata being the first city. The company has decided to come up with attractive offers to attract customers. Offers include cash back on equipment provided to customers to access 4G services. In 2010, the company had received 4G license and spectrum for four circles of Maharashtra, Punjab, Karnataka and Kolkata. It plans to launch services in the rest of the circles soon. The stock was trading in the green.

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