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Indian share markets open firm
Thu, 4 Oct 09:30 am

Most major Asian equity markets have opened the day on a firm note with stock markets in China (up 1.5%) and Japan (up 1.3%) leading the pack of gainers in the region. The Indian share market indices have also opened the day in the green. Stocks in the banking and realty space are leading the gains. However, information technology stocks are trading weak.

The Sensex today is up by around 215 points (1.1%), while the NSE-Nifty is up by around 64 points (1.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 1.1% and 0.8% respectively. The rupee is trading at Rs 51.95 to the US dollar.

Auto stocks have opened the day on a firm note with Tata Motors, TVS Motors, Force Motors, Eicher Motors and Bajaj Auto leading the gains. As per a leading financial daily, India's leading passenger vehicle manufacturer Maruti Suzuki has increased prices across all its models by around 1%. As such, the price hike ranges from Rs 2,500 to Rs 5,250 for various models. The price hikes have been brought into effect to counter the adverse impact of foreign exchange fluctuation and rising cost of inputs. Maruti sells a wide variety of passenger cars ranging from M800 priced around Rs 2.04 lakh to the luxury sedan Kizashi with a price tag of about Rs 17.5 lakh. Apart from Maruti, other automobile players that have raised prices include Audi, Mahindra & Mahindra (M&M), Renault, General Motors (GM) India and Honda Cars.

Oil and gas stocks have opened the day on a firm note with Indian Oil Corporation (IOC), Mangalore Refineries and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corporation Ltd (HPCL) leading the gains. However, the stock of Gujarat Gas Company Ltd (GGCL) opened lower. As per a leading financial daily, Gujarat State Petroleum Corporation Ltd (GSPC) has entered into a definitive agreement to buy out the entire 65.12% stake held by British Gas (BG) in GGCL. GSPC is set to pay Rs 295 per share leading to a total sum of Rs 24,638 m for the stake. As per a statement by BG, the deal is likely to be completed by the first half of 2013. The deal is subject to approvals from various regulatory bodies. It is required to meet the takeover code of stock market regulator Securities and Exchange Board of India (SEBI) as well as to seek approvals from the Competition Commission of India (CCI) and the Reserve Bank of India (RBI). It must be noted that initially BG had put forth a price tag of Rs 35,000 m for its stake in GGCL. However, it finally agreed to sell the stake at a discount to GSPC.

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