The major Asian stock markets have opened on a mixed note with stock markets in Indonesia (up 0.9%) and Singapore (up 0.3%) leading the gains. However, the stock markets in Taiwan (down 0.6%) and South Korea (down 0.1%) were facing selling pressure.
Energy stocks have opened the day mainly in the green with Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) leading the gains. However, GAIL (India) Ltd and Indraprastha Gas Ltd were facing selling pressure. The state run oil marketing companies have cut the price of bulk diesel which is sold to industrial consumers such as state transport companies and railways by Re 1 per litre. In Delhi, the revised price for bulk diesel would be Rs 59.32 a litre. In Chennai, the price has been cut by Rs 1.18 a litre to Rs 63.53. In Mumbai, price would go down by Rs 1.20 a litre to Rs 67.90 and Kolkata would see a cut of Rs 1.14 a litre to Rs 64.39. The move follows a moderation in diesel's price at regional trading hubs such as Singapore and the strengthening rupee. It is likely to bring down railway fares that are linked to fuel prices. It would also help bring down fuel bills for state transport utilities.
Telecom stocks have opened the day in on a mixed note with Tata Communications Ltd and AGC Networks Ltd leading the gains. However, ITI Ltd and ADC India Communications Ltd were facing selling pressure. The Telecom Regulatory Authority of India (TRAI) has reduced ceiling tariffs of dedicated broadband lines, (called as domestic leased circuits or DLC, mainly used by business houses and telecom operators) by up to 60 %. The revised tariffs for DLCs will come into effect from August 1, 2014. DLCs are dedicated connections between service providers facility to customers premise and are separate from general public networks. They form building block for services like e-commerce, e-governance, internet access for the masses and knowledge based industries like BPO, IT and ITes. DLCs are also leased out to telecom service providers who do not have sufficient transmission infrastructure in any area.