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Indian stock markets open in the red
Wed, 9 Oct 09:30 am

The major Asian stock markets have opened the day on a mixed note with Japan (up 0.6%) and Singapore (up 0.4%) leading the gains. Taiwan (down 0.3%) and Hong Kong (down 0.5%) are amongst the top losers. The Indian stock market indices have opened the day on a weak note. Barring healthcare and realty, the sectoral indices have opened in the red with the stocks in the consumer durables and banking sector leading the losses.

The Sensex today is down by around 126 points (0.6%), while the NSE-Nifty is down by around 41 points (0.6%). However, the BSE Mid Cap and BSE Small Cap stocks have however opened on a flat note. The rupee is trading at Rs 62.27 to the US dollar.

The International Monetary Fund has revised growth forecasts for the Indian economy. In its World Economic Outlook report, IMF has cut India's growth rate by 1.8% to 3.8% in 2013 versus the earlier estimate of 5% on account of weak demand in the country. In comparison, the finance ministry and Reserve Bank of India expect the economy to expand by 5% to 5.5% in the current year. For the next year, IMF expects the domestic growth rate to recover to 5.1% (versus an earlier estimate of 6.2%). Further, the IMF has cut the world growth forecast to 2.9%. IMF has warned that India needs to restrict spending in the scenario of high inflation and maintain the credibility of fiscal and monetary policies.

Engineering stocks have opened the day on a mixed note with Jain Irrigation Ltd and Opto Circuits Ltd leading the losses, while Sanghvi Movers Ltd and Alstom Projects Ltd are leading the gains. As per a leading financial daily, Bharat Heavy Electricals Ltd's (BHEL) share in the overall order inflows for the capital goods sector for the second quarter of financial year 2013-2014 (2QFY14) stands at a mere 1%. This is despite the healthy pick up in the order inflows in the sector (up 9% on a year on year basis and 23% on a quarter on quarter basis). The overall order inflows for the capital goods sector stood at around Rs 386 bn in 2QFY14. As per the daily, the company is facing structural challenges and has not been able to benefit from the positive trend in the sector. On the other hand, its peer company Larsen and Toubro Ltd has grabbed around 66% of these orders.

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