Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian Indices Open Flat
Thu, 23 Jun 09:30 am

Major Asian stock markets have opened the day on a mixed note with stock markets in China are trading lower by 0.9%. However, stock markets in Singapore and Japan are trading higher by 0.8% and 0.6% respectively. Benchmark indices in Europe ended their previous session in green with stock markets in Germany ending the day higher by 0.6%. The rupee is trading at 67.55 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 38 points (up 0.1%) and the NSE Nifty is trading marginally lower by 3 points (down 0.03%). However, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.2% respectively.

Major sectoral indices have opened the day on a mixed note with stocks from power sector are witnessing selling pressure. However, stock from pharmaceutical and fast moving consumer goods (FMCG) space are witnessing buying interest.

As per an article in Livemint, the union government cleared India's largest ever telecom spectrum auction. Reportedly, the government could possibly raise Rs 5.66 trillion from this auction.

Further, the government is putting on sale spectrum bands of 700MHz, 800MHz, 900MHz 1,800MHz, 2,100MHz, 2,300 MHz and 2,500 MHz. Amongst these, the 700MHz band is the most effective and expensive band.

A 25% upfront will have to be made for all bands under 1000MHz. While, a 50% upfront would be required for 1,800 MHz, 2,100MHz, 2,300MHz and 2,500MHz bands. The balance will have to be paid on two year moratorium and ten year's installment.

The receipts from the auction will help the government to keep the ambitious target of fiscal deficit in check. The spectrum will also help to address the problem of call drops.

Having said that, in the event of aggressive bidding, the stressed balance sheet of telecom operators (TELCOS) will come under further pressure. Saddled with a huge pile of debt, this additional burden will put profitability under pressure.

In another news update, the initial public offering of Mahanagar Gas Ltd continued to witness a strong response on its second day. Overall, the issue was oversubscribed by 3.92 times the issue size on the second day of the three-day offering.

Mahanagar Gas is the sole authorised distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai. CNG is used in motor vehicles and PNG for households, commercial and industrial use. The company is planning to expand its business in Navi Mumbai as well as Raigad in Maharashtra. Through its IPO, the natural gas distributor plans to raise Rs 10.4 billion.

Today is the last day for subscribing to the issue. Should you invest in this IPO? We have prepared a detailed report regarding the same. Click here (subscription required) to get the answer.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian Indices Open Flat". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jan 18, 2018 (Close)