Asian stock markets have opened the day on a mixed note with Japan (down 0.3%), Hong Kong (down 0.1%) and Singapore (down 0.1%) leading the losses. However, markets in Indonesia (up 1%) and Malaysia (up 0.9%) are trading firm. The Indian share market indices have opened the day on a flat note. Stocks in the power and capital goods space are leading the losses. However, realty stocks are trading firm.
The Sensex today is marginally up by around 18 points (0.1%), while the NSE-Nifty is down by around 7 points (0.1%). Mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.2% respectively. The rupee is currently trading at Rs 66.55 to the US dollar.
Telecom stockshave opened the day on a mixed note with Bharti Airtel and ITI Ltd trading in the red. However, Tata Teleservices and Idea Cellular are trading firm. As per a financial leading daily, India's leading telecom player Bharti Airtel has developed a technology, jointly with Japan-based SoftBank Mobile Corporation, that will help the company provide cost efficient 3G mobile phone services. The new technology uses a communications satellite as a transmission line. Bharti Airtel and SoftBank Mobile Corp have already conducted field trials in the Republic of Kenya. The technology is important for the development of mobile phone networks in rural areas in Africa and other areas where building facilities for fixed-line and mobile communications services is commercially difficult. The technology would enable Bharti to offer 3G service at a lower cost.
Oil & gas stocks have opened the day on a mixed note with Gas Authority of India Ltd (GAIL) and Gujarat State Petronet Ltd (GSPL) leading the losses. However, Essar Oil and Oil India Ltd are trading firm. As per a leading financial daily, state-run energy exploration firm Oil & Natural Gas Corporation (ONGC) is laying the foundation for onshore exploration in the states of West Bengal and Gujarat. The company has filed for permission with the respective state authorities recently. In Gujarat, ONGC intends to drill exploratory wells, numbering 48 in 23 blocks of Western onshore basin. This is spread over 1,800 square kilometres in districts of Vadodara, Bharuch and Surat. In West Bengal, it has applied to drill six exploratory wells. Under its Perspective 2030 plan, the state-run firm aims to double production over the next 18 years from 23.71 million tonne of oil and 23.32 billion cubic metres of gas in FY12.