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Indian share markets open firm
Thu, 28 Aug 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (down 0.1%) and Japan (down 0.5%) leading the losses. However, the stock markets in Singapore (up 0.4%) and Indonesia (up 0.4%) were leading the gains. The Indian share markets have opened the day on a firm note. Barring realty, all sectoral indices have opened in the green with capital goods and realty sector leading the gains.

Both the BSE-Sensex and NSE-Nifty have opened on a positive note. The Sensex was trading higher by 97 points (0.4%) while Nifty was trading higher by 25 points (0.3%). Both mid and small cap indices have opened on a positive note. BSE Mid Cap index is up by around 0.3% and BSE Small Cap index is up by around 0.5%. The rupee is currently trading at Rs 60.39 to the US dollar.

Hotel stocks have opened the day mixed with EIH Ltd and Indian Hotels Ltd leading the gains. However, Taj GVK Ltd and Hotel Leela Ventures Ltd were facing losses. As per a leading financial daily, Indian Hotels Company (IHCL) , the country's biggest hotel chain is planning to increase its capacity by 26% in the coming years at a capex of Rs 4.5 bn. IHCL currently has 125 hotels. It has plans to add 33 new hotels across its four brands - Taj, Vivanta by Taj, Gateway, and Ginger. These 33 hotels together will have 3,700 rooms, which will take IHCL's total number of rooms to about 20,000. The management believes that political and economic environment and the sentiment in the hospitality sector will improve and aims to maintain market leadership.

Energy stocks have opened the day mainly in the green with Bharat Petroleum Corporation Ltd (BPCL) and Gujarat State Petronet Ltd (GSPL) leading the gains. However, Petronet LNG Ltd and Oil and Natural Gas Corporation (ONGC) were facing losses. As per a leading financial daily, BPCL is planning a capex of Rs 350 bn in the next three years. Around 50% of this amount is likely to be used to increase its refining capacity by one third and to upgrade existing refineries to produce cleaner fuel. The rest of the funds will be used for investing in overseas exploration projects. The investment in exploration and production is likely to happen in the latter part of the three years. BPCL is also planning to strengthen its natural gas infrastructure such as city gas distribution.

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