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Indian share markets open firm
Thu, 16 May 09:30 am

Asian equity markets have opened the day on a mixed note with China (up 1.0%) and South Korea (up 0.9%) leading the gains. However, markets in Japan (down 1.3%) and Malaysia (down 0.6%) have opened in the red. The Indian share markets indices have opened the day on a firm note. Barring software, all sectoral indices have opened in the green led by the stocks in the realty and banking space.

The Sensex today is up by around 63 points (0.3%), while the NSE-Nifty is up by around 27 points (0.4%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.3% respectively. The rupee is trading at Rs 54.74 to the US dollar.

Energy stocks have opened the day on a mixed note with Oil India Ltd and Cairn India Ltd leading the gains. However, Indian Oil Corporation Ltd (IOCL) and Petronet LNG have opened in the red. As per a leading financial company, state run Gas Authority of India Ltd (GAIL) may now have to pay a higher tariff for its 4-pipeline network in KG basin. This is post the Petroleum and Natural Gas Regulatory Board's (PNGRB) directive regarding a fixed single integrated fee structure. This is a retroactive order applicable from 20 November 2008. The directive will take GAIL's piped gas transportation cost higher by 80.44 %. The company may look at taking legal action against the PNGRB in the matter.

Power stocks have opened the day on a mixed note with Reliance Infra and KSK Energy trading firm. However, Adani Power Ltd and GVK Power & Infrastructure Ltd are leading the losses. As per a leading financial daily, India's biggest power producer, National Thermal Power Corporation Ltd (NTPC) has decided to merge affiliate NTPC Hydro Ltd (NHL) with itself as part of a restructuring exercise. NHL was set up to develop small- and medium-sized hydropower projects. Besides, NTPC is also considering timed exits from some of its other joint ventures. As per the management, these proposed measures are likely to lead to synergy of operations, reduction in overhead expenditure, enhanced efficiency and administrative control, and optimum utilization of resources.

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