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Bank stocks lead the losses
Fri, 30 Sep 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in Indonesia (up 0.9%) and Japan (up 0.2%) are leading the gains while Honk Kong (down 1.4%), Singapore (down 0.8%), and South Korea (down 0.5%) are leading the losses. The Indian stock market have opened the day on a weak note. Banking and realty stocks are leading the losses. However, consumer durable stocks are trading firm.

The BSE-Sensex is trading lower by around 145 points (0.9%), while the NSE-Nifty is down by around 50 points (1%). Midcap and small cap stocks have also opened on a weak note with the BSE Mid Cap and BSE Small Cap indices down by 0.1% and 0.2% respectively. The rupee is trading at 49.12 to the US dollar.

Banking Stocks have opened the day on a weak note with Punjab National Bank (PNB), Indian Bank and Canara Bank leading the losses. Japan based Hitachi-Omron Terminal Solutions Corp (HOTS) has said that it has entered into a tie-up with Axis bank and State Bank of India (SBI) to install cash deposit ATMs in various parts of the country. These ATM's will have two-in-one facilities and are revolutionary in nature. This will further reduce the need to visit bank branches for depositing the cash. The ATMs will also have facilities for printing passbook. This is expected to increase branch efficiency. Many more banks are planning to tie-up for such services with Hitachi. This will increase the IT infrastructure spends for these banks.

Oil & gas stocks have opened the day on a weak note with Cairn India and GAIL India in the red. The country's largest marketer and transporter of natural gas, Gas Authiority of India Ltd. (GAIL) India has entered into a deal with US-based energy company Carrizo Oil & Gas, Inc for acquiring 20% stake in the latter's Eagle Ford Shale acreage. GAIL will make the acquisition through its wholly-owned US subsidiary, GAIL Global (USA), which was formed recently on September 26, 2011. GAIL will pay a total amount of US$ 95 m to Carrizo. This includes US$ 63.7 m in cash and another US$ 31.3 m for developing the area in the Eagle Ford deposits in Texas. Apart from this, it will make an estimated investment of US$205 m over the next five years in the assets. The joint venture will have 20,200 gross acres, of which the GAIL subsidiary will have 4,040 net acres. Through this deal, GAIL has become the first state-owned energy firm and the second Indian firm after Reliance Industries to acquire shale gas assets abroad.

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