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Indian share markets open firm
Wed, 18 Sep 09:30 am

Asian stock markets have opened the day on a mixed note with Japan (up 1.8%) and Singapore (up 0.6%) leading the gains. However, markets in Indonesia (0.7%) and South Korea (down 0.4%) are facing selling pressure. The Indian share market indices have opened the day on a positive note. Stocks in the consumer durables and realty space are leading the gains. However, information technology stocks are trading weak.

The Sensex today is up by around 33 points (0.2%), while the NSE-Nifty is up by around 7 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is currently trading at Rs 63.30 to the US dollar.

Barring Hero MotoCorp, most auto stocks have opened the day on a firm note with TVS Motor Company and Tata Motors leading the gains. As per a leading financial daily, the alarming rise in petrol prices has adversely impacted the demand for two-wheelers. After a series of nine price hikes, petrol prices have increased by about 20% in the last four months to record highs. Petrol prices in Mumbai now stand at Rs 83.63 per litre. Two-wheelers account for 60% of India's 16 million tonnes gasoline sales. Of this, about 30% comes from rural India. High petrol prices tend to hit two-wheeler sales because the running cost is a critical consideration for buyers in the mass product segments such as 100-125 cc motorcycles and 110 cc scooters. In July 2013, domestic two-wheeler sales stood at 1.13 million units marginally lower by 0.1% year-on-year.

Private bank stocks have opened the day on a firm note with IndusInd Bank, Yes Bank and Dhanlaxmi Bank leading the gains. India's fourth largest private sector lender Yes Bank has announced that it tied up a multi-tenor syndicated loan facility equivalent to US$ 255 million in dual currency from international lenders. The loan facility comprises US$ 180 million and Euro 58 million. The loan facility will be utilised for general corporate purposes and for trade finance. The facility has a maturity of 1 and 2 years with majority commitments coming in the 2 year tenure bucket. The loan has been widely distributed with commitments from 11 banks in eight countries across US, Europe, Middle East and Australia.

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