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Indian share markets open weak
Mon, 13 Oct 09:30 am

All the major Asian stock markets have opened the day on a weak note with the markets in Japan (down 1.2%), Malaysia (down 2.1%) and Taiwan (down 2.3%) leading the losses. The Indian share markets have also opened the day on a negative note. Barring the IT and Teck indices, all sectoral indices are trading in the red with auto and realty indices leading the losses.

The Sensex today is down by around 161 points (0.6%), while the NSE-Nifty is down by about 50 points (0.6%). Mid cap stocks have also opened in the red with the BSE Mid Cap index down by 0.1%. However, the BSE Small Cap index has opened on a flat note. The rupee is currently trading at Rs 61.30 to the US dollar.

Telecom stocks have opened the day mainly in the red with AGC Networks and Bharti Airtel Ltd leading the losses. As per a leading financial daily, Bharti Airtel has sought immediate allocation of 1,800 MHz spectrum it had won in Delhi and Kolkata circles during the February auctions. The company has also sought continuation of existing 900 MHz band in these two circles for another six months for smooth migration. In separate news, Bharti Airtel has entered into a partnership pact with the Telangana government for the first public Wi-Fi in the state. At present, the pilot is in progress at 17 tested hotspot locations in Hyderabad that allow users to access Internet upto 750 MB per day across operators. The move is a part of the state government's broader agenda of allowing citizens to experience a multitude of web opportunities making Hyderabad a leading digital city. The smartphone, tablet, and other WiFi-enabled device users would be able to connect to data across these 17 locations.

Finance stocks have opened the day on a mixed note with Prime Securities Ltd and IndiaBulls Financial Services Ltd leading the pack of gainers. However, Religare Enterprises Ltd and Motilal Oswal Financial Services Ltd were trading in the red. As per a leading financial daily, Power Finance Corporation (PFC) may extend a Rs 150 bn loan to the Andhra Pradesh government. The loan will be extended for a two year period to improve power sector infrastructure facilities in the region. Of the total, around Rs 70 bn would be offered as loan towards transmission, while distribution and power generation would get Rs 50 bn and Rs 30 bn respectively.

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