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Energy stocks lead the rally
Thu, 16 May 11:30 am

Indian equity markets continued to trade in the green during the previous two hours of trade. Sectoral indices traded strong led by energy and healthcare stocks.

The BSE-Sensex is trading higher by 103 points and NSE-Nifty is trading up by 27 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.8% and 0.4% respectively. The rupee is trading at 54.72 to the US dollar.

Telecom stocks are trading strong led by MTNL and Tata Teleservices. As per the Cellular Operators Association of India, Vodafone and Idea Cellular have added more customers in the month of April as compared to Bharti Airtel. Vodafone India added over 1.4 m customers while Bharti Airtel could manage only an addition of 0.6m during April. Idea added over 1.3 m subscribers last month. This implies that the country's largest mobile operator has been losing its market share. Its market share fell from 28.5% in March to 28.4% in April. We may note here that Vodafone recently overtook Bharti to become leading mobile operator in the rural India. The stock of Bharti Airtel is currently trading up by 0.5%.

Automobile stocks are trading strong led by Tube Investments and Ashok Leyland. As per a leading daily, the UK arm of Ashok Leyland, Optare has inked a strategic partnership pact with Dawsonrentals. We may note here that Dawsonrentals is a leading European asset rental business company. Ashok Leyland had acquired 26% stake in Optare in 2010 with a view to penetrate into European markets. The Indian auto company had further increased its share in Optare in 2011. Under the pact, Optare will receive order for 5o new buses from Dawsonrentals. On the other hand, Dawsonrentals will be eligible to use the international sales force of Ashok Leyland. Dawsonrentals will use the sales force especially for right-hand drive markets.

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