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Indian markets fall sharply
Fri, 11 Jul 11:30 am

After opening in the green the Indian indices have fallen sharply in the morning session. The buying interest is the highest in IT and Pharma stocks and the selling pressure is the highest in Metal and Engineering stocks.

The BSE-Sensex is trading down 134 points. The NSE-Nifty is trading down 46 points. The BSE Mid Cap index is trading down 0.3% and the BSE Small Cap index is trading down 0.7%. The rupee is trading at 60.2 to the US dollar.

Hotel stocks are trading higher mixed today. While Oriental Hotels is leading the gainers; Indian Hotels is leading the losses. India's largest hotel chain operator, Indian Hotels has announced the sale of Blue Sydney Hotel in Australia to the Hong Kong based Hind Group. The total consideration received by the company is US$ 30 m. This sale is in line with the company's objective to exit all non-core markets. The company did the transaction through its wholly owned offshore subsidiary Samsara Properties Ltd. The transaction is subjected to fulfillment of conditions and scheduled to be completed by October 31, 2014. This property was a 100 room Luxury hotel that the company had acquired in 2006 for US$ 27.1 m. Indian Hotels is trading down 3.3% today.

Most Telecom stocks are trading lower today. Reliance Communications and Tata Teleservices are leading the losers. India's leading telecom operator, Bharti Airtel will be rolling out 4G services in Gurgaon soon. The company has reportedly set up a heterogeneous network (HetNet) in the city for this purpose. The operator will be using spectrum in the 2300 MHz band, the licence for which it acquired from Qualcomm. The operator's HetNet comprises macro cell sites, small cells, pico cells and indoor and outdoor Wi-Fi points, which will allow it to provide better network coverage. At present, Bharti Airtel offers 4G services in Punjab, Bengaluru, Pune, and Kolkata. The company is also planning to launch these services in the Delhi and Mumbai circles soon. The stock is trading down 0.8% today.

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