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Indian equity markets open flat
Thu, 26 Jul 09:30 am

The key Asian stock markets have opened the day on a positive note on hopes that Europe's planned permanent bailout fund could be given a banking license that would let it borrow money from European Central Bank. The stock markets in Japan (up 0.3%), Singapore (up 0.4%) and South Korea (up 0.3%) are leading the gains in the region. However, markets in Indonesia (down 0.5%) and Malaysia (down 0.4%) are trading in the red. The Indian equity market indices have opened the day on a flat note with a negative bias. The sectoral indices have opened mixed with Consumer Durables and FMCG leading the gainers while Metal and Banking sectors are witnessing losses.

The Sensex today is down marginally by 3 points (0.0%), while the NSE-Nifty is down by around 5 points (0.0%). The Mid cap stocks are trading in the red with the BSE Mid Cap down by around 0.1% while BSE Small Cap index is up around 0.2%. The rupee is trading at Rs 56.10 to the US dollar.

Oil & Gas stocks have opened the day mainly in red led by Oil & Natural Gas Corporation Ltd. (ONGC) and Bharat Petroleum Corporation Ltd. (BPCL) .As per a leading financial daily, the Government regulator Petroleum & Natural Gas Regulatory Board (PNGRB) has filed a Special leave petition (SLP) in the Supreme Court. This is against the recent Delhi High Court Order that limited regulator's jurisdiction and role in downstream gas market. The regulatory board, vide its order, fixed IndraPrastha Gas Ltd's (IGL's) pipeline network transportation tariff at Rs 38.58 per million metric British thermal unit (mmBtu) as against Rs 104.05 per mmBtu proposed by the company. The development raises trouble for IGL that had earlier managed to oppose PNGRB's directive to cut the tariffs by 63%. The Supreme Court decision in PNGRB's favor could wipe out the company's net worth.

Software stocks have opened the day in the red with Wipro, Infosys and Tata Consultancy Services leading the losses. HCL Technologies has announced its fourth quarter results for the financial year 2011-2012. (The company has a June year ending). The company reported a 13.5% quarter-on-quarter (QoQ) growth in sales. This was driven by the growth in its core business. Growth was also supported by the steep depreciation in the rupee dollar rate during the quarter. Operating margins improved by 3.6% QoQ to 22% during the quarter as compared to 18.4% seen during the previous quarter (3QFY12). Margin expansion at the operating level as well as lower effective tax rates during the quarter led the net profits to surge by 41.8% QoQ during the quarter. The company has proposed a final dividend of Rs 4 per share.

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