The major Asian stock markets have opened the day on a firm note with stock markets in China market (up 2.2%) and Hong Kong (up 1.2%) leading the gains. However, the stock markets in Japan (down 0.8%) and Korea (down 0.2%) opened on a weak note. The Indian stock markets have also opened on a positive note with stocks in the banking and consumer durables space leading the gains.
The BSE-Sensex currently trading higher by about 88 points (up 0.34%), while the NSE-Nifty is higher by about 22 points (up 0.26%). The Midcaps and small caps have too opened the day in green, with BSE Mid Cap index and BSE Small Cap index up by 0.39 % and 0.51% respectively. The rupee was trading at Rs 61.84 to the dollar.
As per a leading financial daily, various airline operators in India have opposed government's proposal on relaxing norms on domestic carriers seeking international operations. Reportedly, the operators believe that relaxation of such rules will be detrimental for the industry in the long run. Currently, the rule, popularly known as 5/20 rule, makes compulsory for the domestic airlines to fly only on domestic routes for five years. Plus the airline operator should also have a 20-plane fleet before going international. However, the government has now proposed to do away with this rule and link the overseas operations with a policy on mandatory operations on domestic as well as international routes.
Software stocks have opened the day on a firm note led by HCL Technologies Ltd and Moser Baer India Ltd. As per a leading financial daily, India's biggest IT company Tata Consultancy Services (TCS) has signed multi- year contract with Virgin Atlantic airways. Reportedly, TCS will provide fully managed services to transform and optimise Virgin Atlantic Airways' IT processes, applications and infrastructure. Recently, TCS was also selected for similar transformational deals with leading airlines in Europe, Asia Pacific and North America.