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Revealed
India's Third Giant Leap

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Indian Markets open firm
Thu, 16 Jul 09:30 am

Asian stock markets have opened the day in the green with markets in China (up 1%) and Japan (up 0.5%) leading the gainers. Stock markets in US ended their session on a negative note while markets in Europe closed their session in the green. Crude oil prices fell nearly 1.6%. Precious metal gold and silver are trading down by 0.3% and 1.2% respectively.

Indian stock markets have opened their day on an encouraging note. BSE-Sensex is up by around 115 points (up 0.4%) and NSE-Nifty is up by about 37 points (up 0.4%). S&P BSE Midcap and S&P BSE Smallcap index indices are also trading in the green, up by 0.6% and 0.5% respectively. Most of the sectoral indices are trading in the green with stocks in steel and banking leading the gainers. Rupee gained around 0.2% and is trading at 63.50 per US dollar.

Stocks in the telecom sector are trading mixed. As per a leading financial daily, Bharti Infratel is in talks with telecom major Vodafone and Idea Cellular to buy out their telecom towers at a valuation of up to Rs 100.8 bn. The company is looking to pay between $60, 000 and $1,20,000 per tower. It is likely to fund the acquisition with equity and debt and will use its cash and investments worth Rs 68 bn. Stock of the company has opened the day on a positive note.

Automobile stocks have opened their day on a mixed note. According to financial times, small car makers are facing decline in their sales for the first quarter ending June 2015. Reportedly, this is largely on the back of the negative sentiment in the rural economy and high interest rates. Sales of mini cars in the quarter ended June declined as much as 5% at 1,23,058 units. For the corresponding quarter last year this stood at 1,30,071 units. However, most of the other segments in the passenger cars posted a growth for the concerned quarter.

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