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Markets will remain closed on 1st May, 2017 on account of Maharashtra Day.

Indian Indices Open Flat
Fri, 23 Sep 09:30 am

Major Asian stock markets have opened the day on a mixed note with the stock market in Indonesia is trading marginally lower by 0.1%. While, the stock market in Taiwan is trading marginally higher by 0.2%. Benchmark indices in Europe and the US ended their previous session on a very positive note with benchmark indices in Germany ending the day higher by 2.2%. The rupee is trading at 66.6 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally lower by 36 points (down 0.1%) and the NSE Nifty is trading lower by 13 points (down 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.3% respectively.

Major sectoral indices have opened the day on mixed note with stocks from realty sector witnessing maximum buying interest. While, stocks from automobile sector are witnessing selling pressure.

As per an article in Livemint, Vodafone Group Plc has invested Rs 477 billion in its Indian unit-Vodafone India. This is a massive equity infusion. Reportedly, the funds raised are capable of purchasing all of Idea Cellular and Reliance Communications equity shares at current valuations.

Further, the equity infusion has been done at a time when India's largest spectrum auctions are just a week away. The management of Vodafone India stated that the equity infusion will enable it to continue its investments in spectrum and expansion of networks across various technology layers. All these aspects clearly indicate, Reliance Jio is not the only player with deep pockets.

This just goes on to state that the war in the telecom space is going to just get more intensified going forward. The real pricing war will be seen post December this year, when Jio's free service offers will end. While the consumers seem to be benefiting from this competitive but, the return ratios of the sector are set to deteriorate.

In another news update, global steel production grew by 1.9% in the month of August as compared to a year ago. China is the main reason behind an increase in the steel output. Further, India has also contributed to the global output growth. However, the rise in the output may seem to be problematic as the demand remains static. Additionally, demand-supply mismatches will in-turn lead to steel prices moving downwards.

The economic growth of major developed economies has been revised downwards by the International Monetary Fund (IMF). Under such a situation wherein the investments in infrastructure and real estate are on a downward trend, a growing output may possibly lead to adverse steel prices in-turn making the projects unviable.

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Apr 28, 2017 (Close)

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