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Indian share markets open firm
Thu, 10 Apr 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Indonesia (down 3.3%) and Singapore (down 0.5%) leading the losses. However, markets in Japan (up 0.2%) and Hong Kong (up 0.1%) are trading firm. The Indian share markets have also opened the day on a firm note. Barring FMCG and IT, most sectoral indices have opened in the green with stocks in the realty and power space leading the gains.

The Sensex today is up by around 69 points (0.3%), while the NSE-Nifty is up by about 14 points (0.2%). The mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.8% and 0.6% respectively. The rupee is currently trading at Rs 60.08 to the US dollar.

Banking stocks have opened the day on a firm note with Corporation Bank, Punjab and Sind bank and Vijaya Bank leading the gains. As per a leading financial daily, India's leading state-run lender State Bank of India (SBI) is planning to raise US$ 750 m to US$ 1 bn through overseas bond sales. This will be the second major issue after state-run oil firm Oil India Ltd raised US$ 1 bn through overseas bond sales recently. These overseas fund raising initiatives come amidst rising confidence in international investors about India's economic revival post the likely change in leadership following the general elections. It must be noted that about US$ 12.2 bn has been raised by Indian firms in international debt over the past year.

Software stocks have opened the day mainly on a weak note with HCL Infosystems, Tech Mahindra and HCL Technologies leading the losses. As per research firm Gartner, the Indian software market has grown by 9.8% to US$ 4.76 bn in 2013 as against US$ 4.33 bn in 2012. The growth has been driven by strong adoption of cloud or subscription-based services. As per the report, the software industry in India is in the middle of a multi-year cyclical transition as organisations are focusing on investments in technologies to support existing system structure. It must be noted that Microsoft leads with 20% share and US$ 957.3 m in revenues. The Indian software market has witnessed the highest growth rate among the BRICS (Brazil, Russia, India, China and South Africa) nations.

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