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Power & Auto stocks lead the losses
Tue, 20 May 11:30 am

After opening firm, the Indian indices are trading flat in the morning session. Selling pressure is witnessed in Auto, power and capital goods stocks.

The BSE-Sensex is trading up 15 points and the NSE-Nifty is trading up 4 points. The BSE Mid Cap index is trading up 1.6%, while the BSE Small Cap index is trading up 2.1% today. The rupee is trading at 58.73 to the US dollar.

Private banking stocks are trading mixed today. Karur Vysya Bank and Federal bank are leading the gainers. ICICI Bank and Yes Bank are leading the losers. As per a press release on BSE, HDFC Bank will be raising Rs 100 bn from the market over the next one year. It will be selling fresh equity shares in both domestic and foreign markets. The issuance however is subject to a final approval of the bank's shareholders at the annual general meeting of the bank scheduled to be held in June this year.As per the industry experts, the bank's decision to raise fresh capital is likely to get good response from the lenders as it is in the growth phase right now and the amount can be deployed for an aggressive growth plan. In the past, other private banks such as ICICI Bank and Axis bank have also raised capital. HDFC Bank is trading up 0.8% today.

Telecom stocks are trading higher today. Tata Communication and ITI Ltd are leading the gainers. As per a leading news network, India's telecom service provider, Bharti Airtel has received a letter of intent from the Department of Telecom (DoT), regards to taking new telecom licences in Delhi and Kolkata. Bharti has received the new Unified Licence (UL) from the DoT as its original 2G licence will expire this year in these areas. The UL licence allows operators to provide all telecom services like 2G, 3G etc, i.e. it is technology neutral. However it does not come with any spectrum. As per the rules telcos are not allowed to hold any stake in competing firms which hold the UL licence. Thus Vodafone India will have to sell its stake 4.4% stake in Bharti Airtel. The stock of Bharti Airtel is trading up 0.8% today.

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