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Indian share markets open weak
Mon, 13 May 09:30 am

Asian stock markets have opened the day on a mixed note with Indonesia (down 0.7%) and Hong Kong (down 1.0%) leading the losses. However, markets in Japan (up 1.5%) and Malaysia (up 0.8%) are trading firm. The Indian share markets indices have opened the day on a weak note. Barring consumer durables and healthcare, all sectoral indices have opened in the red with stocks in the information technology and FMCG space leading the losses.

The Sensex today is down by around 91 points (0.5%), while the NSE-Nifty is down by around 23 points (0.4%). Mid and small cap stocks are however trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.1% each. The rupee is trading at Rs 54.88 to the US dollar.

Auto stocks have opened the day mainly in red with Bajaj Auto Ltd and Maharashtra Scooters Ltd leading the losses. Ashok Leyland has reported results for the fourth quarter and year ended March 31, 2013. The company has reported a decline of 42% year on year (YoY) in its bottomline during the quarter. The total income during the quarter declined by 13.9%. For the year ended March 31, 2013 (FY13), the company has registered 23.4% YoY fall in its net profits while total revenues for the year were down by 3.3% YoY. The company is planning to introduce four new vehicles in the current fiscal. The new products will be manufactured at company's Pantnagar facility and these trucks will have company's Czech Republic subsidiary Avia's Cabin. It has also decided to launch new Light Commercial Vehicle (LCV) product including Stile in July, which will be a passenger vehicle.

FMCG stocks have opened the day on a mixed note with Gillette India and Archies Ltd leading the gains. However, Pidilite Industries and Lakshmi Energy are leading the losses. As per a leading financial daily, FMCG major, Hindustan Unilever Ltd is planning to introduce the country's first liquid laundry detergent - Surf Excel Liquid at Rs 230 for a litre. This will be the most expensive daily use detergent product. The company expects affluent consumers will pay a premium for a product that promises to make their laundry job easier. With this new product, the company aims to improve margins. Currently, HUL owns other detergent brands such as Rin and Wheel. With this new product, the company hopes to get Indian consumers switch to liquid detergent the same way its parent Unilever did more than two decades ago in the US

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