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IT drags Indian stock market
Mon, 12 Sep 09:30 am

Asian stock markets have opened the day on a weak note. Stock markets in Hong Kong (down 3.2%), Japan (down 2%), Indonesia (down 1.7%) and China (down 0.1%) are trading in the red. The Indian stock market have opened the day on a weak note. Stocks in the IT and metals sectors are leading the losses.

The BSE-Sensex is trading lower by 240 points (1.4%) and the NSE-Nifty is lower by around 81 points (1.6%). BSE Midcap and BSE Small cap stocks are trading in the red, with the BSE Mid Cap and BSE Small Cap indices down by 1.1% and 0.9% respectively. The rupee is trading at 46.47 to the US dollar.

Oil & Gas stocks have opened the day on a weak note with Reliance Industries (RIL) and Bharat Petroleum Corp Ltd (BPCL) in the red while Oil and Natural Gas Corporation (ONGC) in the green. RIL has received a 5 star rating under a health and safety audit of its onshore plant at Gadimoga in Andhra Pradesh. The Gadimoga plant is the one where gas from the KG-D6 field in the Eastern Offshore is processed. This rating is given by the British Safety Council. The British Safety Council audit is an internationally recognized system which is used by leading organizations across the world to benchmark their health, safety and environment (HSE) management systems against the best practices used throughout the world. This award certifies that Reliance has been compliant with the best practices used by the industry. In recent times, after the successful commissioning of the plant, the company has received several safety and quality certifications like ISO-9001, ISO-14001 and OHSAS-18001.

Auto stocks have open the day on a weak note with Tata Motors and Maruti Suziki in the red. To boost sales in a dull market, auto-maker, Tata Motors launched a new variant of its Vista model. The lowest price version of this new model costs only Rs 388,000 (ex-showroom Delhi). The model is available both in petrol and diesel engine and is already available in the market. In terms of colors the new Vista is available in six colours -'summer sparkle', white, silver, red, blue and grey. The new Vista is powered by a 1.3-litre common rail direct injection Quadrajet diesel engine and a 1.4-litre MPFi Safire petrol engine. The diesel version is estimated to give a mileage of 22 km per litre, whereas the petrol version will give a mileage of 16 km per litre. The management said that the head lamp and some of the interiors are also changed.

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