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Indian share markets open weak
Thu, 31 Oct 09:30 am

Most major Asian stock markets have opened the day on a weak note with Indonesia (down 1.3%) and China (down 0.7%) leading the losses. The Indian share market indices have opened the day on a negative note as well. Stocks in the realty and banking space are leading the losses. However, consumer durables stocks are trading firm.

The Sensex today is down by around 8 points (0.04%), while the NSE-Nifty is down by around 6 points (0.1%). However, 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%each. The rupee is currently trading at Rs 61.23 to the US dollar.

PSU Bank stocks have opened the day on a mixed note with IDBI Bank, Corporation Bank and Punjab National Bank (PNB) leading the losses. IDBI Bank has announced its financial results for the second quarter of the financial year 2013-14 (2QFY14). During the quarter, interest income stood at Rs 65,357.1 m, higher by 5.5% on a year-on-year (YoY) basis. Operating profit before provisions & contingencies stood at Rs 12,748.3 m, reporting a rise of 8.1% YoY. Provisions and contingencies increased sharply by 77.7% YoY to Rs 8,787.2 m. As a result, net profit plunged by 60.2% YoY to Rs 1,922.7 m. Net margins declined from 7.8% in 2QFY13 to 2.9% in 2QFY14.

Information Technology stocks have opened the day on a firm note with Info Edge, Mphasis Ltd and HCL Infosystems leading the gains. As per a leading daily, India's third largest software exporter Wipro Ltd has sought an extension of one more year from the Commerce Ministry to complete its IT/ITeS special economic zone in Tamil Nadu. The 19-member inter-ministerial Board of Approval (BoA) will consider the request in its meeting on November 8. It must be noted that Wipro was granted letter of permission (LoP) on December 4, 2007 for setting up of the unit at Vilankurichi, Coimbatore. Since then the company has been given three extensions by Development Commissioner, Madras Special Economic Zone and three extensions by BOA. The current validity is upto December 3, 2013. As of now, the company has invested about Rs 709 m. It has been reported that the unit is likely to start operations by the fourth quarter of 2013-14 (4QFY14).

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