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Indian Markets open flat
Fri, 12 Jun 09:30 am

The major Asian stock markets have opened the session on a mixed note with markets in Hong Kong (up 1%) leading the gains. US and European stock markets closed their session on a positive note. The rupee is trading at 63.97 per US dollar.

Indian markets have opened the day on a flat note. BSE-Sensex is trading marginally up by 10 points (up 0.04%) and NSE-Nifty is trading marginally down by 5 points (up 0.06%). S&P BSE Midcap and S&P BSE Smallcap index indices are also witnessing marginal movements, down by 0.1% and 0.2% respectively. Most of the sectoral indices are trading on a mixed note with software and power leading the gains.

As per a leading financial daily, Reserve Bank of India (RBI) has decided to permit non-resident Indians (NRIs) to subscribe to chit funds without limit on non-repatriation basis. This subscription should come through the normal banking channel, including through an account maintained with a bank in India. On a separate note, the RBI has also extended the scheme allowing airline companies raise external commercial borrowings (ECB) for working capital as a permissible end-use under the approval route. This is going to continue till March 31, 2016.

Engineering stocks have opened the day on a mixed note. As per a leading financial daily, Bharat Heavy Electricals (BHEL) has commissioned the 330 MW Hydro Electric Project in Uttrakhand. All the four units of this project were commissioned within a span of 60 days. BHEL's scope of work in the project includes design, manufacturing, supply, installation and commissioning of 4 units of 82.5 MW Francis. The project has been set up by Alkananda Hydro Power Corporation (GVK Group). Also BHEL has stated that it is presently executing hydro electric projects of around 4,000 MW which are under various stages of implementation. Stock of BHEL has opened the day on a positive note.

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