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Indian markets open weak
Tue, 4 Aug 09:30 am

The major Asian stock markets have opened the session on a mixed note with markets in China (up 1.34%) and Hong Kong (down 0.14%). European stock markets closed their session on a positive note while the US stock markets closed lower due to the lackluster economic data. The rupee is trading at 64.04 per US dollar.

BSE-Sensex is trading down by 69 points (down 0.25%) and NSE-Nifty is trading down by 26 points (down 0.30%). However both mid caps and small caps have opened on a positive note, S&P BSE Midcap is trading up by 0.13% and S&P BSE Smallcap index is trading up by 0.10%. Sectoral indices are trading mixed with stocks in Banking sector witnessing selling pressure.

Stocks in the power space have opened on a mixed note. As per an article in Economic times, National Thermal Power Company (NTPC) is planning to reduce its dependence on fossil fuel to 56 per cent by 2032 from 85 percent at present. NTPC stated that by 2022 the solar power generation capacity would increase to 11729 Mw, which would be 14% of the total power generation capacity. This is in line with the government initiative to generate 100 Gw of solar capacity by 2022. Currently solar power capacity constitutes only 2% of the total power generation capacity. It has also formed a joint venture with Nuclear Power Corporation of India in January 2011 with the objective of setting up a nuclear power project. It is planning to set-up 1400 MW nuclear power plant. Stock of NTPC is trading marginally down.

Stocks in the telecom space have also opened mixed today. As per an article in a financial daily, Bharti Airtel has acquired a financial solutions firm YTS Solutions for an undisclosed amount. The acquisition will expand Airtels portfolio in the mobile commerce segment. The acquired business will be integrated with the operations of Airtel Money Services Ltd. Stock of Bharti Airtel is trading up by 1.05%.

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