Asian stock markets have started today's trading session on a front foot with markets in Japan (up 0.6%) and Hong Kong (up 0.4%) leading the gains. US and European stock markets have closed their session on a positive note. The rupee is trading at 63.73 per US dollar.
Indian markets have opened the day on a flattish note. BSE Sensex is trading up by 41 points (up 0.1%) while NSE-Nifty marginally up by 9 points (up 0.1%). BSE Mid- Cap is trading marginally down and BSE Small Cap index is trading marginally up by 0.2%. Sectoral indices are trading mixed with stocks in pharma and mining witnessing selling pressure.
Automobile stocks have opened the day on a mixed note. As per a leading financial daily, India's largest automobile company Tata Motors has allocated Rs 388 bn as capital expenditure for the current financial year. This capex is higher by around 11.2% as compared the previous year. This capex will be invested on new products and technology. The company has already purchased 62 acres of land to double the size of its Advanced Design and Engineering Centre I Whitney, UK. The stock of Tata motors is trading down by 0.8%.
According to financial times, India's largest telecom operator Bharti Airtel is into talks with France's Orange to sell its subsidiaries in Africa. Bharti Airtel has its operations in 17 countries across Africa. The company is also divesting 15,000 towers to different companies in 13 countries in Africa. For the quarter ended March 2015, Airtel's revenue from Africa witnessed a fall of 13% on a YoY basis.