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Indian markets open strong
Fri, 18 Sep 09:30 am

The major Asian stock markets have opened the day in green. Stock markets in Singapore, China and Hong Kong are up by 0.7%, 0.5% and 0.4% respectively. The major stock indices in the European markets ended the day in green. However the benchmark indices in UK ended the previous session down by 0.7%. The benchmark stock indices in US ended their previous session up by 0.1%. The rupee is trading at 66.19 per US dollar.

Indian stock markets have surged upwards owing to the US Federal Reserves' s decision to postpone the hike in interest rates. BSE Sensex is trading up by 260 points (up 1%) and NSE-Nifty is trading up by 80 points (up 1%). Both BSE Mid Cap and BSE Small Cap have moved upward. Both the indices are trading up by 1.1% and 1% respectively. Sectoral indices have opened the day on a positive note with stocks from pharmaceutical, capital goods and banking sector witnessing maximum buying interest.

As per an article in Livemint, overseas arm of Oil and Natural Gas Corporation (ONGC); ONGC Videsh Ltd (OVL) has shown interest in acquiring another 10% stake in Russia's second largest oil-field (by production). The oilfield is owned by OAO Rosneft. If the additional stake is acquired, total stake of OVL in the oilfield will be around 25%. The stake purchase will enhance India's efforts in the area of energy security. OVL is also considering another acquisition opportunities in Russia. Rosneft claims to have the world's lowest production cost of oil at $ 2.8 per barrel. The article stated that earlier this month, OVL said that it was buying a 15% stake in Rosneft for $1.26bn. At that price, the additional 10% stake will be valued at around $840m. The stock of ONGC is trading up by 0.5%.

As per an article in Economic Times, Tata Steel Ltd will sell shares of the automaker Tata Motors Ltd worth up to $188m, according to a term sheet of the deal seen by Reuters on Friday. The shares are being offered in the range of Rs 324.50-338.05 each. The lowest price in the range; represents a discount of up to 4% to their closing price on September 16th. The stock of Tata Steel is trading up by 1.1%. However Tata Motors is trading down by 2.7%.

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