The major Asian stock markets have opened the day on a negative note with China market (down 1.3%) and Hong Kong market (down 1.1%), leading the losers. The Indian markets have also opened weak. Among the sectoral indices, stocks from metal and capital goods are witnessing maximum selling pressures.
BSE-Sensex currently trading lower by about 150 points (down 0.51%), while the NSE-Nifty is lower by about 40 points (down 0.48%). The BSE Mid Cap have too opened the day in red, down by 0.10%, while BSE Small Cap have opened firm, up by 0.09%. The rupee was trading at Rs 61.41 to the dollar.
Telecom stocks have opened the day on a weak note with Bharti Airtel and AGC network being the leading losers in the pack. As per the financial daily, the Cabinet has approved a base price of Rs 37 bn per megahertz (MHz) for 3G spectrum auction. Reportedly, Telecom Minister Ravi Shankar Prasad told reporters here after the meeting that the Cabinet has approved a reserve price of Rs 37 bn per MHz for 2100 MHz band which is used for 3G mobile services. This would help the government to fetch over Rs 1000 bn along with sale of other mobile frequencies.
Mining stocks have opened the day in red led by Coal India and Sesa Sterlite. As per the financial daily, Coal India Ltd's (CIL) management has decided to go ahead with 10 % stake sale in CIL on Friday. The said step was much awaited and was taken after resolving its differences with employees. The stake sale will help the government garner in around Rs 240 bn. The government has a set a disinvestment target of Rs 584 bn, out of which Rs 434 bn will come from stake sale in public sector undertakings. In December, the government had sold 5% stake in SAIL and raked over Rs 17 bn from this divestment. CIL would be the second company to hit the markets under the government's disinvestment programme this fiscal.