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Indian share markets open firm
Wed, 10 Jul 09:30 am

Barring South Korea (down 0.1%), all major Asian stock markets have opened the day on a firm note with Indonesia (up 1%), Taiwan (up 0.6%) and Singapore (up 0.5%) leading the gains. The Indian share market indices have also opened the day on a firm note with stocks in the consumer durables and information technology space leading the gains. However, auto and metal stocks are trading weak.

The Sensex today is up by around 43 points (0.2%), while the NSE-Nifty is up by around 11 points (0.2%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% each. The rupee is trading at Rs 60.02 to the US dollar.

Power stocks have opened the day on a firm note with GVK Power and Infra, Jaiprakash Power and JSW Energy leading the gains. As per a leading financial daily, India's largest power producer National Thermal Power Corporation (NTPC) has laid the foundation stone for a 5 megawatts (MW) solar power plant at Faridabad in Haryana. The state-run firm has awarded the main solar plant work to Eversun Energy. On the other hand, Enmas GB Power System Projects has been awarded the power evacuation package. The plant is expected to generate 7.44 million units of electricity per annum. The power generated would be equivalent to the power requirement of 6,000 households. It is said that the project will help cut carbon dioxide emission by about 6,800 tonnes per annum. It must be noted that NTPC has commissioned one 5 MW solar power project each at Dadri and Port Blair. Moreover, 85 MW of solar power projects are under implementation.

Auto stocks have opened the day on a mixed note with Tata Motors, Bajaj Auto and Hero MotoCorp leading the losses. However, Eicher Motor and Tube Investments are trading firm. As per a financial daily, India's leading automaker Tata Motors is gearing up to enter the Indonesian car market which is set to overtake Thailand to become the biggest car market in Southeast Asia by 2014. The Indian automaker is aiming to make Indonesia a hub to export vehicles to Southeast Asia. The company is set to commence sales in the country in two months. Tata Motors is intending to sell enough vehicles in the Indonesian market so that setting up a local assembly there would become feasible. High volume sales in Indonesia would also provide a boost to the content of locally manufactured components to 40%. It must be noted that this level is a prerequisite for selling to members of the Association of Southeast Asian Nations (ASEAN) at zero duty.

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