Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.62%, while the Shanghai Composite and the Nikkei ended lower. They fell 1.68% and 0.10% respectively. European shares bounced in early trade on Tuesday after falling in the previous five sessions. The rupee was trading strong at 64.04 against the US$ in the afternoon trade.
Telecom stocks ended the day with moderate losses. ADC India Communication and ITI Ltd were among the leading losers. According to a leading financial daily, Bharti Airtel has signed an agreement with Ericsson for deployment of a new LTE network in African nation Gabon. Reportedly, the contract covers equipment, software and a range of professional services, including project management, systems integration and support. It also includes transformation of the existing mobile radio access and core network infrastructure. As part of the deal, Ericsson will install its multi standard radio base station which supports GSM/ EDGE, WCDMA/HSPA, and LTE in a single cabinet. LTE 4G technology offers the capacity and the speed to handle a rapid increase in data traffic. The new network will enable Airtel Gabon deliver a superior mobile broadband experience to their customers.
Banking sector outperformed today with PNB and Union Bank being the biggest winners. Shares of Axis Bank ended the trading day on an optimistic note after it was reported that the company has inked US$200-million, seven-year bilateral loan agreement with the Asian Development Bank (ADB). The loan will help bolster bank's efforts to improve farm efficiency by extending customized and affordable agriculture credit, which will help leverage its semi-urban and rural branch network to deliver agriculture credit. The scrip of Axis Bank ended the trading day up by 0.8 % on the BSE.