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Indian stock markets open firm
Mon, 2 Mar 09:30 am

The major Asian stock markets have opened the day on mixed note with Taiwan market (down 0.3%) and Singapore market (down 0.1%), leading the losses. However, stock markets in Japan (up 0.3%) and China (up 0.3%) have opened on a positive note.

The Indian share markets have opened the day on a firm note post the Budget day. The sectoral indices have opened mixed with, capital goods, banking stocks and oil and gas stocks being the leading gainers. However stocks from FMCG and consumer durables are witnessing selling pressures

The Sensex today is up by around 200 points (0.7%), while the NSE-Nifty is up by about 67 points (0.7%). Both mid cap and small cap stocks have too opened firm. The BSE Mid Cap and BSE Small Cap index are up by around 0.4% each. The rupee is currently trading at Rs 61.79 to the US dollar.

The price of aviation turbine fuel (ATF) was increased by 8.2% on Sunday due to an increase in international oil prices. This hike has come after 7 consecutive cuts since the month of August 2014. It may be noted that ATF constitutes about 40% of any airlines' operating cost and hence an increase in the fuel price is likely to hurt an already cash strapped industry. Apart from an increase in ATF, prices of non- subsidized LPG cylinders have also been increased by Rs 5 in Delhi. This may not have much of an impact on consumers considering that a quota of 12 odd cylinders is available at subsidized rates to every household. Only those who consume more than the prescribed quota will be impacted by the hike.

Food and Tobbaco stocks have opened mixed with Wadala commodities and Golden Tobbaco leading among gainers. On the hand Goodfrey Phillips and VST industries have are biggest losers in the pack. ITC turned out to be the biggest loser on the Budget day trading session. The stock lost about 9% of its value as the fresh taxes were imposed on cigarettes. The excise duty has been increased by 25%. However, this is applicable on those cigarette products whose length does not exceed 65mm. On other cigarette products, the excise duty has been increased by 15%. The excise duty on tobacco has increased to Rs 70 per kg from Rs 60 per kg. The stock has opened down by 2% today.

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