After opening positively, the Indian Indices have maintained the momentum and are trading well above the dotted line in the morning session. Apart from the FMCG and the banking index, all the sectoral indices are trading in the green. The IT and metal indices are leading the gainers.
The BSE-Sensex is trading up 150 points. The NSE-Nifty is trading up 40 points. The BSE Mid Cap index is trading up 0.7% and the BSE Small Cap index is trading up 0.8%. The rupee is trading at 60.55 to the US dollar.
Most telecom stocks are trading higher today. Bharti Airtel and Mahanagar Telephone Nigam Limited are leading the gainers. India's largest telecom service provider, Bharti Airtel is planning to expand its data services outside its network. The company has launched a music application called Wynk, to create an additional revenue stream. This is the first instance in India of a telco launching an app which will be available across platforms and across service providers. Bharti will look to leverage its position in the Indian music download market by offering about 1.7 m songs in eight languages initially on the app. The app will allow free streaming and will be free of advertisements. It has been made available for sale on Android (Rs 99), iOS (Rs 60) and existing Airtel subscribers (Rs 29). Users will have to pay data charges as per their usage. Bharti Airtel is trading up 3.8% today.
Majority of Energy stocks are trading in green with, Castrol India and IOC being the leading gainers. As per a financial daily, Oil and Natural gas corporation (ONGC), has said that it needs approximately US$ 6-7.15 to break even on gas it plans to produce from the most prolific KG basin block. Reportedly, this was given out in its submission to the four-member panel of secretaries working out a new gas pricing mechanism. Further, for new fields and raising output from the matured and ageing fields, higher capital outlays are required which can be viable only at higher rates. Further, as per the company, most of the company's major producing fields are more than 35 years old. These fields have crossed their plateau level and are on a natural decline. Thus in order to Maintain production levels from the existing fields, and improve oil recovery and enhance oil recovery schemes, will require higher capital intensive techniques which will in turn increase the cost of production. ONGC is trading down 0.5%.