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India's Third Giant Leap

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Indian Markets open flat
Fri, 17 Jul 09:30 am

The major Asian stock markets have opened the session on a positive note with markets in China (up 1.4%) and Hong Kong (up 1.0%) leading the gains. US and European stock markets too closed their trading session on a positive note yesterday. The rupee is trading at 63.48 per US dollar.

Indian stock markets have opened the day on a flat note. BSE Sensex is trading up by 21 points (up 0.1%) and NSE-Nifty is trading up by 7 points (up 0.1%). BSE Mid Cap is trading marginally down by 0.2% while BSE Small Cap index is trading marginally up by 0.3%. Sectoral indices are trading mixed with stocks in engineering and banking witnessing maximum buying interest.

Stocks in the automobile space are trading mixed. As per a leading financial daily, Tata Motors reported a growth of 1.3% in its global sales including Jaguar Land Rover for the month of June at 76,602 units. For the passenger vehicles category the global sales stood up by 3% at 45,519 units. However, sales of luxury brand Jaguar Land Rover witnessed a decline of 3.1% during the month while sales of commercial vehicles stood flat at 31,083 units. Stock of Tata Motors is trading marginally down.

Software stocks have opened the day on a mixed note. According to financial times, information technology services company Mindtree has announced two acquisitions with a spending of Rs 4250 m. The company has reported to acquire a British technology consultancy company Bluefin Solutions and a US-based analytics firm Relational Solutions. It will be paying Rs 4230 m to Bluefin Solutions and Rs 630 m to Relational Solutions. By these acquisitions the company is targeting to expand its offerings in the digital space which accounts for 34% of its overall revenues. Stock of Mindtree is trading up by 3.3%.

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