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Indian share markets open weak
Tue, 11 Jun 09:30 am

Barring Malaysia (up 0.1%), all major Asian equity markets have opened the day in the red with Japan (down 1.5%) and Indonesia (down 2.2%) leading the losses. The Indian share market indices have also opened the day on a weak note. Barring software and capital goods, all sectoral indices have opened in the red with stocks in the realty and banking space leading the losses.

The Sensex today is down by around 25 points (0.1%), while the NSE-Nifty is down by around 13 points (0.2%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.3% each. The rupee is trading at Rs 58.30 to the US dollar.

Energy stocks have opened mainly in the red with Chennai Petroleum Corporation Ltd and Petronet LNG Ltd leading the losses. As per a leading financial daily, Oil & Natural Gas Corporation (ONGC) has retracted its earlier statement which said that its overseas arm, ONGC Videsh Ltd (OVL), and Oil India had signed a definitive agreement with Videocon to buy a 10% stake in a Mozambique gas field for US$2.47 billion. The company was forced to withdraw the press release as some of the smaller commercial terms were yet to be finalized and signed upon. The negotiations between the OVL and OIL, Videocon, and other members of the consortium are likely to conclude in the next few days. Such an event could attract the attention of the regulators and could impact the timeline of the deal closure.

Mining stocks have opened the day mainly in the red with Ashapura Minechem Ltd and Metals and Minerals Trading Corporation of India Ltd (MMTC) leading the losses. As per a leading financial daily, Coal India Ltd will be investing around US$ 60 m( Rs 3.4 bn) on second round of exploration in Mozambique coal blocks. The company has placed order with Tribeni Earth Movers. The latter had undertaken the first round of exploratory investigation at the block as well and the results were encouraging. The samples from the first round of exploration will be sent to the company's testing facility in India soon. Here, the quality of the coal present in the block will be ascertained. In the second round, CIL will drill 30,000 metres on the block drilling between 100 to 150 boreholes. The third round of exploration will involve drilling another 35,000 metres. The management expects entire process to be completed in about a year and a half. Post this, CIL will apply for all the clearances and appoint a mine developer. The mining operations in the block are likely to start in about two years.

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