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Indian share markets open firm
Mon, 12 May 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (down 0.6%) and Singapore (down 0.6%) leading the losses. However, the stocks markets in Hong Kong (up 1.7%) and Korea (up 0.4%) were leading the gains. The Indian share markets have opened the day on a positive note. Barring healthcare, software and consumer durables, all sectoral indices have opened in the green with stocks in energy and banking space leading the gains.

The Sensex today is up by around 288 points (1.3%), while the NSE-Nifty is up by about 83 points (1.2%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.5% and 0.4% respectively. The rupee is currently trading at Rs 59.49 to the US dollar.

PSU Banking stocks have opened on a mixed note with State Bank of India and Indian Bank leading the gains. However, Corporation Bank and Punjab & Sind Bank were leading the losses. Corporation Bank has announced results for the quarter ending March 2014. The total income during the quarter was up 8.6% year on year (YoY). However, the net profit during the quarter declined 88.3% YoY on account of higher provisioning and increase in bad loans. The bank made provisioning towards bad loans to the tune of Rs 8.2 bn during the quarter. This was significantly higher than Rs 4.6 bn reserved a year ago. The net non-performing assets (NPAs) or bad loans jumped to 2.32 % in the quarter from 1.19 % a year earlier.

Energy stocks have opened the day mainly in the green with Reliance Industries Ltd and Gujarat Gas Ltd leading the gains. As per a leading financial daily, Oil and Natural Gas Corporation (ONGC) Ltd's wholly owned subsidiary ONGC Videsh Ltd (OVL) is likely to bid for deep-sea oil and gas blocks in Tanzania as it focuses on expanding its footprint in energy rich Africa. OVL currently has producing and exploration assets in Sudan, South Sudan, Nigeria and Libya. Tanzania is offering eight blocks in its fourth Offshore Licensing Round. The management is examining the blocks on offer and will decide to place bids for one or more based upon the evaluation. It is not yet decided if OVL will bid alone or take a partner.

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