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Indian stock markets bounce back
Tue, 27 Dec 11:30 am

Indian stock market indices have been trading in the green over last two hours of trade after a weak opening. All sectoral indices are trading in the green except banking stocks.

The BSE-Sensex is trading up by 55 points and NSE-Nifty is trading firm by 16 points. BSE Mid cap and BSE Small cap indices are trading strong by 0.4% each. The rupee is trading at 52.92 to the US dollar.

Telecom stocks are trading in the green led by Reliance communications and AGc Networks. As per a leading daily, the Telecom commission has recently made some key changes in the telecom policy. It was in favour of 2G spectrum in future as also spectrum sharing between operators. It also permitted telecom companies having joint market share of up to 35% to go for mergers and acquisitions. The commission also allowed for 8% uniform license fee for operators in a phased manner. At present, it is 6-10%. The announcement is likely to impact companies like Bharti Airtel, Idea cellular and Vodafone.

PSU Banking stocks are trading weak today. Union Bank and Vijaya Bank are the top losing banks. As per a leading financial daily, SBI is witnessing a drop in home loan numbers by 14% in the first half of the fiscal. The bank had disbursed loans of Rs 70 bn last year and the shortfall so far is Rs 10 bn. This is being attributed to the slowdown in the real estate sector. Mumbai and National capital Region (NcR) that contribute maximum to home loans have been in a slow down mode, thereby affecting the demand for loans. In fact, the sales have mainly come from tier II and tier III cities this time.

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