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Indian share markets open in the red
Wed, 9 Jul 09:30 am

The major Asian stock markets have opened on a negative note with stock markets in Hong Kong(down 1.2%) and South Korea (down 0.5%) leading the losses.

The Indian share markets have opened the day in the red. The sectoral indices have opened mixed with the stocks in auto and power space leading the losses. However, stocks in the software and FMCG space were leading the gains.

The Sensex today is down by around 53 points (0.2%), while the NSE-Nifty is down by around 28 points (0.4%). The midcap and smallcap stocks have also opened in the red with BSE Mid Cap and BSE Small Cap indices down by around 0.7% and 1.1% respectively. The rupee is currently trading at Rs 59.87 to the US dollar.

Energy stocks have opened the day on a mixed note with Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) leading the gains. However, Petronet LNG Ltd and Gujarat State Petronet Ltd were facing maximum selling pressure. As per a leading financial daily, Oil and Natural Gas Corporation Ltd's (ONGC) subsidiary ONGC Videsh Ltd (OVL) has raised US$2.23 bn from global markets through long-term bonds to refinance loans for acquiring a stake in an oil field in Mozambique. The deal consists US$750 m in five-year bonds, US$750 m in 10-year bonds and Euro 525 m in seven-year bonds. The pricing for the five-year dollar bonds was US Treasury yields plus 160 basis points (bps) and for the 10-year dollar paper was US Treasury yields plus 207.5 basis points. This is within OVL's fair value. The euro bonds were priced at MS+180. As per the rating agency Moody's, the funds will be used to refinance the bridge loans taken to finance the acquisition of a stake in Rovuma Basin in Mozambique.

Auto stocks have opened the day mainly in the red with Ashok Leyland Ltd and Force Motors Ltd leading the losses. As per a leading financial daily, Mahindra and Mahindra Ltd has announced that it will recall the Scorpio Ex variant manufactured between May 2012 to November 2013 to carry out preventive inspection for potential defects. The number of vehicles likely to be recalled for potential faulty pressure regulating valves stand at 23,519 units. The recall is limited only to the Scorpio Ex variant manufactured during the mentioned period and will not affect any other Scorpio variants.

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