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Indian stock markets surge upwards
Wed, 22 Jul 11:30 am

After opening the day on a lower note, markets have extended gains aided by the index heavyweights such as Reliance Industries and ITC. Buying interest is seen in pharma banking and auto stocks.

The BSE-Sensex is trading up by 208 points (0.74%) and the NSE-Nifty is trading up by 64 points (0.75%). The BSE Mid Cap index is trading up by 82 points (0.74%), while the BSE Small Cap index is trading up by 79 points (0.67%). The rupee is trading at 63.54 to the US dollar. Gold and Silver are trading at Rs 24,635 per 10 grams & Rs 33,693 per kilogram respectively.

Stocks in Telecom sector are trading on a mixed note with AGC Networks leading the winners and Tata Teleservices leading the losers. Bharti Airtel, India's largest telecom firm said that it had no plans to exit the Africa operations and would continue to invest in the region. The statement came a day after it entered into a pact with France Orange for selling its four subsidiaries. Airtel has operations in 17 markets in Africa. It has 8.73 m subscribers in Africa. The company stated that they remain fully committed to the Africa operations and they will continue to invest in its growth and building a profitable business and accordingly they have no plan to exit. Stock of Bharti Airtel is trading down by 1.2%.

Stocks in Steel sector are trading on a mixed note with Jindal Saw leading the winners and Tata Sponge leading the losers. Tata Steel has sought shareholder approval to raise up to Rs 100 bn through sale of securities. The sale of securities could be in the form private offerings in domestic or international market or through an issuance of shares, bonds, debentures and warrants. Tata Steel said the financial markets are very dynamic in nature and it is hard to predict when and which market may provide them with windows of opportunity to raise capital that is cost-effective, has better terms and can help lengthen its maturity profile. It also stated the issues will be structured in a manner such that the additional ordinary share capital that may be issued under resolution would not be more than 5% of the paid-up ordinary share capital of the company. Stock of Tata Steel is trading down by 0.5%

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