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Indian share markets slip into the red
Thu, 5 Jun 09:30 am

The major Asian stock markets have opened the mainly in the red with stock markets in Korea (down 0.9%) and Hong Kong (down 0.2%) leading the losses. However, stock markets in Japan (up 0.1%) and Malaysia (up 0.1%) have opened in the green. The Indian share markets have opened the day on a negative note. The sectoral indices have opened mixed with the stocks in the banking and energy sector leading the losses. However, stocks in the power and metal sector were witnessing gains.The Sensex today is down by around 103 points (0.4%), while the NSE-Nifty is down by 29 points (0.4%). However, the midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.9% and 1.0% respectively. The rupee is currently trading at Rs 59.3 to the US dollar.

Mining stocks have opened the day mainly in the green with Sesa Sterlite Ltd and Gujarat NRE Coke leading the gains. However, NMDC Ltd was witnessing losses. As per a leading financial daily, Coal India Ltd. (CIL) has decided to modify its memorandum of association to get into the business of producing fertilizers and chemicals using coal gas. The amendment will let CIL produce, store, distribute, sell, import and export gas and other by-products from coal-gasification, and use them to produce ammonium nitrate and fertilizers. It will further allow the company to install and operate such plant here and abroad. The company's board has already approved the proposal. The company has decided to seek shareholders' permission on this issue through a postal ballot.

Telecom stocks have opened the day on a mixed note with AGC Networks Ltd and Tata Teleservices Ltd leading the gains. However, Tata Communications Ltd and Mahanagar Telephone Nigam Ltd (MTNL) have opened in the red. As per a leading financial daily, mobile phone operator Idea Cellular plans to launch a share sale. The amount is expected to be as much as US$500 m. This will be partly used for funding the capital expenditure including a purchase of mobile radio waves. The sale is expected to be launched after the local market hours today.

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