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Markets open on a weak note
Thu, 14 May 09:30 am

Following the global cues, the Indian Indices have opened the morning trade in the red. The Sensex is down 220 points (down 0.81%) and the NSE-Nifty is down 73 points (down 0.88%) at 8,162. BSE Mid Cap and BSE Small Cap have also opened on a negative note with both the indices down by 0.4%. Barring Power stocks, profit booking is witnessed across majority of the sectoral indices. Banking and Auto sector witnessed the most selling activity.

Asian markets are lower today led by the decline in Chinese and Hong Kong shares The Shanghai Composite is down 0.06% while the Hang Seng is down 0.20%. Overnight, US major indexes gave up early gains to close narrowly mixed as investors remained wary of climbing bond yields. Indian rupee opens flat at Rs 64.17 per dollar.

According to a leading financial daily, Tata Steel will create a new research and development hub in the UK focused on low-carbon technology, after signing an agreement with the University of Warwick in the UK. A research facility at the university's Warwick Manufacturing Group will open at the university later this year, with 40 Tata Steel scientists based there. Tata Steel will gradually shift its research and development activities to this site. Research will focus on developing new materials for Tata Steel's customer base, including those used in renewable energy generation and more fuel-efficient cars and planes. Other areas of research include programmes to improve steel production, and research into emerging and breakthrough technologies.

According to a business daily, Indian Oil and GAIL Ltd have signed MoU with Dharma LNG Terminal (DLTPL), a company owned by Adani Enterprises. DLTPL's project shall be an onshore LNG regasification terminal having initial capacity of 5.0 MTPA, at Dharma Port in Bhadrak district of Odisha. Dhamra is an all-weather deep water port. Reportedly, Indian Oil and GAIL would reserve regasification capacity in the terminal to supply regasified LNG in the emerging markets in the eastern part of the country. Indian Oil and GAIL would have the option to hold equity in DLTPL at a later date.

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