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Indian Markets open flat
Fri, 7 Aug 09:30 am

The major Asian stock markets have opened the day strong with Hong Kong market (up 0.96%) and China market (up 1.90%). This is inspite, the European and US stock markets closed their session on a negative note yesterday. The rupee is trading at 63.78 per US dollar.

Indian stock markets have opened marginally lower and are hovering around the dotted line. BSE Sensex is trading up by 7 points (up 0.02%) and Nifty is trading up by 2 points (up 0.02%). BSE Mid-Cap is trading higher by 0.32% and BSE Small Cap index is trading higher by 0.27%. Sectoral indices are trading mixed with stocks in Information Technology (IT) & Metal being the leading winners. However stocks in Telecommunication and Banking sector are the top losers in the pack.

Stocks in the telecom space are have opened on a weak note today. As per an article in business standard Bharti Airtel has taken an early mover advantage by launching its fourth generation (4G) services in 296 towns. Airtel is offering its 4G services on all smart devices including mobile phone, dongles, 4G hotspots and Wi-Fi dongles. The company stated that it will launch 4G services at 3G prices. The company has launched a 'Infinity Plan' starting at Rs 999 for postpaid users. Under the scheme the customer will get free calls within Airtles network and unlimited music with 3GB data free. Stock of Bharti Airtel is trading down by 0.14%.

Stocks in the power sector are trading on a mixed note. National Thermal Power Company (NTPC) is exploring options to manufacture solar equipment as part of the state owned power producer strategy. It is planning to set up a 1000 MW per annum manufacturing capacity which may require an investment of Rs 50bn. The company has also given its commitment to reduce the dependence on fossil fuel to 56% by 2032. The government has pushed renewable energy to the top of its energy security agenda and is looking to provide green power at Rs 4.5 crore per Mw. For achieving the target of 100GW renewable energy by 2022, India would need an investment of approximately $ 200bn. Stock of NTPC is trading down by 0.07%.

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