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Indian share markets open firm
Fri, 7 Dec 09:30 am

The major Asian stock markets have opened the day on a positive note with stock markets in China (up 1.2%) and Singapore (up 0.9%) leading the gains in the region. However, markets in Indonesia (down 0.2%) have opened in the red. Indian share market indices have opened the day on a firm note. Barring software and oil and gas, all sectoral indices have opened in the green led by the stocks in the auto and capital goods space.

The Sensex today is up by around 30 points (0.2%), while the NSE-Nifty is up by around 10 points (0.2%). Mid and small cap stocks have opened in the green as well with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% reach. The rupee is trading at Rs 54.29 to the US dollar.

PSU bank stocks have opened in the green led by Andhra Bank and Indian Bank. As per a leading financial daily, the country's largest public sector lender State Bank of India (SBI) is expecting a capital infusion of around Rs 40 bn from the central government in the current fiscal year. With this, the bank's capital adequacy ratio will increase to over 13%. As per the management, the mode of infusing capital is not decided yet. It will be the government's call to decide on how to infuse the equity. SBI has been waiting for government's nod for the rights issue for more than 2 years. Earlier this week, the government had said that it will finalize capital infusion plans for public sector banks this week to strengthen the banks' capital base and to offset impact of bad loans and poor asset growth.

Engineering stocks have opened the day mainly on a positive note with AIA Engineering and Sanghvi Movers leading the pack of gainers. As per a leading financial daily, the engineering & construction major Larsen & Toubro (L&T) Ltd. has secured an order valued at over Rs 7.3 bn from Nuclear Power Corporation of India (NPCIL) for the Rajasthan Atomic Power Plant (RAPP). The company has bagged the order amid stiff competition. L&T Power will supply, install and commission the Balance of Turbine Island package for two new 700 MW capacity units located at Rawatbhata near Kota. The order also includes civil work for the turbine halls, electrical bays and transformer yard. The stock has opened in the green.

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