Asian stock markets have opened the day on a firm note. Stock markets in Japan (up 1.3%), Singapore (up 0.5%) and Indonesia (up 0.3%) are in the green. The Indian stock markets have opened the day on a firm note. Stocks in the banking and consumer durables space are leading the gains.
The BSE-Sensex is trading higher by 255 points (1.5%) and the NSE-Nifty is higher by around 50 points (1%). Mid cap and small cap stocks have opened on a firm note, with the BSE Mid cap and BSE Small cap indices up by 1.5% and 2.0% respectively. The rupee is trading at Rs 50.24 to the US dollar.
Auto stocks have opened the day on a firm note with Mahindra & Mahindra Ltd. (M&M) and Maruti Suzuki in green. Mahindra Two Wheelers, a subsidiary of M&M has recently launched a 125 cc scooter. The scooter is named as 'Mahindra Duro DZ' and will be priced at around Rs 42,000 for the people of Delhi. This will be an addition to the range of 125cc scooter which is already has for other consumer segments. The company said that this model is specially designed for Indian roads. The company further said that the new model is a result of strong R&D efforts put in by the employee working as a team and understanding the consumer mindset better.
Telecom stocks have opened the day on a firm note with Reliance Communication and Bharti Airtel in the green. Recently, Bharti Airtel announced that it will extend its managed services pact with Nokia Siemens Networks (NSN). This will be extended for the period of next 5 years for 8 circles of the country. The circles include Bihar, Jharkhand, Kolkata, Gujarat, Maharashtra and Goa among others.NSN will manage and maintain Bharti's 3G as well as its GSM services. The deal size was not mentioned however it is estimated to be around US$ 300 m. Through this, Bharti hopes to achieve better network and quality services for its subscribers. NSN is already a partner of Bharti Airtel for these 8 circles.