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Indian Markets open on a firm note
Thu, 30 Jul 09:30 am

The major Asian stock markets have opened the session on a mixed note with markets in Japan (up 1.07%) and Hong Kong (down 0.07%) leading the gains. US and European stock markets have closed the session on a positive note. The rupee is trading at 63.97 per US dollar.

Indian stock markets have opened higher after the Federal Reserve's decision to keep the rates unchanged. BSE-Sensex is trading up by 141 points (up 0.5%) and NSE-Nifty is trading up by 40 points (up 0.5%). S&P BSE Midcap and S&P BSE Smallcap indices are trading up by 0.6% each. Sectoral indices are trading firm with stocks in banking sector witnessing buying interest.

Stocks in the telecom space are trading on a mixed note. As per an article in Business Standard, Bharti Airtel is in course to launch its 4G wireless data service across 44 cities. The service is now available across 20 cities and is in a trial phase in the rest of the cities. The 4G services are priced at par with its present 3G offerings. The company is also looking at offering the services bundled with handsets that could be priced as low as Rs 4000. For existing customers, a SIM swap facility is available which allows a customer to switch to the 4G services in 10 minutes without any disruption. Stock of Bharti Airtel is trading up by 1.21%.

FMCG stocks have opened the day on a mixed note. As per an article in Livemint Nestle India reported its first quarterly loss in more than 15 years. It reported a loss of Rs 644m in the three month ended 30th June as compared to a profit of Rs 2878m in the year earlier. The firm withdrew about 30,000 tons of Maggi from the Indian market. The net sales fell 20.1% to Rs 19,338m. Net sales worth Rs 2884m has been reversed during the quarter in relation to Maggi noodle stock already sold and withdrawn from the market. Stock of Nestle is trading down by 1.2%

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