All major Asian stock markets have opened the day on a weak note with Hong Kong (down 1.4%) and Indonesia (down 1.4%) leading the losses. The Indian share market indices have also opened the day on a negative note. Stocks in the banking and realty space are leading the losses. However, healthcare stocks are trading firm.
The Sensex today is down by around 19 points (0.1%), while the NSE-Nifty is down by around 13 points (0.2%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% each. The rupee is currently trading at Rs 63.73 to the US dollar.
Telecom stocks have opened the day on a mixed note with Reliance Communications and Tata Communications leading the gains. However, ITI Ltd and Tata Teleservices are trading in the red. As per a leading financial daily, for six months starting November 15, 2013, telecom service provider Idea Cellular has slashed 2G data tariffs by up to 90% and 3G tariffs by up to 33% across India. The company has lowered data tariffs with an aim to boost mobile broadband penetration. After the downward revision of rates, 3G data tariffs are now at par with 2G across all 10 Idea 3G circles. 2G and 3G data could be accessed by users at 2 paise per 10 KB. The lower tariffs will be available to both existing as well as new prepaid and postpaid users. It is worth noting that earlier Vodafone India had lowered data tariffs by up to 80% across the country. Earlier in June 2013, Bharti Airtel had slashed rates by up to 90% in Punjab and Haryana.
Auto stocks have also opened the day on a mixed note with Maharashtra Scooters and TVS Motor Company leading the losses. However, Tata Motors and Ashok Leyland are trading firm. As per a leading financial daily, India's leading two-wheeler maker Hero MotoCorp is gearing up to emerge as a global player. It plans to roll out its two wheelers in the United States and Canada next year. Last month the company had a soft launch of its debut products in the US at the inaugural American International Motorcycle Expo (AIMExpo) in Orlando, Florida. As per the daily, the two-wheeler maker has appointed its American technology partner Erik Buell Racing as the exclusive distributor. Over time, the company is likely to set up its own manufacturing and assembly plants in North America.