Indian share markets open on a flat note

Thu, 13 Sep 09:30 am

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The key Asian stock markets have opened the day on a mixed note with markets in Japan (up 0.7%) and Malaysia (up 0.4%) leading the gains in the region. However, the stock markets in China (down 0.5%) and Singapore (down 0.5%) have opened in red. The Indian share market indices have opened the day on a flat note. The sectoral indices have opened mixed with stocks in the capital goods and auto sector leading the gains. However, stocks in pharma and metal sector are witnessing losses.

The Sensex today is down by around 6 points (0.0%), while the NSE-Nifty is down by around 3 points (0.1%). However, mid cap and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% each. The rupee is trading at Rs 55.39 to the US dollar.

Engineering stocks have opened the day on a mixed note with Sanghvi Movers and Laxmi Machine leading the gains. However, BGR Energy and Honeywell Automation are witnessing losses. As per a leading financial daily, Larsen and Toubro Ltd's (L&T) wholly owned subsidiary L&T Construction has bagged new contracts worth over Rs 10.7 bn across various business segments in the month of September. The major contracts include orders worth Rs 7.9 bn in the water and effluent treatment segment. The orders have been secured from Gujarat Industrial Development Corporation for water supply schemes for Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Dahej. Besides, in the Power Transmission & Distribution segment, the company has secured new orders worth Rs 1.2 bn from Power Grid Corporation of India for supply, erection, testing and commissioning of substation extension packages under the transmission system associated with the system strengthening scheme in the southern region.

Mining stocks have opened the day on a mixed note with Gujarat NRE Coke and MMTC Ltd. leading the gains while Sesa Goa and Ashapura Minechem are witnessing losses. As per a leading financial daily, Coal India Ltd is planning to spend around Rs 390 bn over a period of five years to 2017. Out of the total, Rs 245 bn will be used mainly to boost capacity. The management has said that it will focus on developing more than 100 underground and opencast mines in seven coal producing subsidiaries. The company plans to set up 22 new washeries. It is also eyeing acquisition of assets abroad. It will be spending another Rs 145 bn to augment rail infrastructure on a conditional basis. It plans to spend Rs 75 bn on rail infrastructure provided the Railways complete the project on time. If everything goes well, the management has said it further intends to spend another Rs 70 bn on rail projects for faster transportation of coal.