Indian Indices Open On A Positive Note; Energy & Power Stocks Lead

Asian stock markets are trading on a negative note today. The Shanghai Composite is down 0.1% while the Hang Seng is down 0.2%. The Nikkei 225 is trading down by 0.5%.

Back home, India share markets have opened the day on a positive note. Sectoral indices have opened the day in green with energy stocks and power stocks witnessing maximum buying interest.

The BSE Sensex is trading up by 116 points while the NSE Nifty is trading up by 20 points. The BSE Mid Cap index opened the day up by 0.1% while BSE Small Cap index opened up by 0.2%.

The rupee is currently trading at Rs 70.98 against the US$.

Vakrangee share price is in focus today on news that the company launched over 3,300 Nextgen Vakrangee Kendras across India.

These outlets are spread across 20 states, over 340 districts and more than 2,000 postal codes of the country, of which more than 70% outlets are from tier 5 and 6 cities.

Overall, in the pilot phase, the company plans to have over 4,000 Nextgen Vakrangee Kendra stores.

The stock of the company closed around 5% higher yesterday on the back of the above news.

In the news from macroeconomic space, the Reserve Bank of India (RBI) said it would inject Rs 100 billion into the system through the purchase of government securities on January 17 to increase liquidity. The purchase will be made through open market operations (OMOs).

As per the announcement, the eligible participants should submit their offers in electronic format on the RBI Core Banking Solution (E-Kuber) system on January 17. The result of the auction will be announced on the same day and payment to successful participants will be made on the following day.

Note that the RBI plans to inject liquidity under OMOs for Rs 500 billion in January 2019. It has so far injected Rs 200 billion through OMOs in January.

The above measure is to intensify cash injection into the banking system starved of cash.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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