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Indian share markets open in the red
Thu, 29 May 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Indonesia (up 0.4 %) and Singapore (up 0.9%) leading the gains. However, stock markets in Taiwan (down 0.1%) and Korea (down 0.2%) have opened in the red. The Indian share markets have opened the day on a weak note. The sectoral indices have opened mixed with the stocks in the software and realty space leading the losses. However, stocks in the banking and power sector were leading the pack of gainers.

The Sensex today is down by around 50 points (0.2%), while the NSE-Nifty is down by about 5 points (0.1%). However, the midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.4% respectively. The rupee is currently trading at Rs 58.89 to the US dollar.

Auto stocks have opened mainly on a mixed note with Escorts Ltd and Hero Motocorp Ltd leading the losses. However, Eicher Motors Ltd and Maharashtra Scooters Ltd were witnessing gains. Hero Motocorp Ltd has announced results for the quarter ended March 2014. The net sales for the quarter were up by a little over 6% YoY. The sales volumes of two wheelers stood at 1,589,462 units, up 4.1% YoY. The net profits for the quarter declined by around 3% YoY. For FY14, the revenues were up 6.5% YoY while net profit witnessed a marginal decline on a year on year basis. The sales volume in FY14 stood at 6,245,960 units, up 2.8% YoY. The management stated that overall FY14 was a period of tepid growth, though second half of the year was much better, supported by festival sales in October. The management expects a revival of the economy and auto industry this year with Modi's government taking charge at the centre.

Energy stocks have opened the day on a mixed note with Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOC) leading the gains. However, Reliance Industries Ltd (RIL) and Petronet LNG Ltd (PLNG) were facing selling pressure. Indraprastha Gas Ltd (IGL) has announced results for the quarter and year ended March 2014. The company has registered a revenue growth of 9% YoY during the year. The sales volumes for the quarter grew by 3% YoY. The net profit for the quarter was up 8% YoY. For FY14, the gross turnover and net profits grew by 16% YoY and 2% YoY. For FY14, the total sales volumes were up 3% YoY. The board has recommended a dividend of 55% for consideration of the members in annual general meeting.

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