Barring Indonesia (up 0.2%), the major Asian stock markets have opened the day in the red with stock markets in Japan (down 2.4%) and Hong Kong(down 1.1%) leading the losses. The Indian share markets have also opened the day on a weak note. The sectoral indices have opened mixed with stocks in banking and metal space leading the losses. However, stocks in consumer durables and energy space were witnessing gains.
The Sensex today is down by around 18 points (0.1%), while the NSE-Nifty is down by about 7 points (0.1%). However, the midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.4% each. The rupee is currently trading at Rs 60.06 to the US dollar.
Retail stocks have opened mixed with Provogue (I) Ltd and Future Retail Ltd leading the gains. However, Koutons Retail Ltd and Zodiac Cloth were facing selling pressure. Titan Industries Ltd has announced results for the quarter ending March 2014. The company has reported an increase of 7.5% year on year (YoY) in the net sales during the quarter. Overall expenses during the quarter grew by 7% YoY. As per the management, 2013-14 was a challenging year on account of a weak economic environment. The regulatory changes during the year also had an adverse impact on the company's jewellery business. The net profits for the quarter grew 11.6% YoY. The management has said that the company will continue to invest in strategic initiatives taking into account its long term growth plans.
Telecom stocks have opened the day on a mixed note with Bharti Airtel Ltd and ITI Ltd leading the losses. However, Idea Cellular and Himachal Futuristic Ltd were witnessing gains. As per a leading financial daily, Bharti Airtel has sought permission of the telecom department to merge its broadband wireless access (BWA) services in four circles of Delhi, Mumbai, Haryana and Kerala with its mobile operations in the corresponding service areas. In its letter to the telecom department, the company has expressed wish to merge the internet service provider licence of Airtel Broadband Services Pvt Ltd along with the corresponding BWA spectrum with the USAL permits in the four circles. The move comes a fortnight after the company received a nod from the Bombay High court to merge its internet service provider licence with its unified access service permit (UASL).