Indian markets open flat

Fri, 16 Oct 09:30 am

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The major Asian stock markets have opened the day on a mixed note. Stock markets in Japan and Hong Kong are trading up by 1.2% and 0.5% respectively. However markets in Taiwan and South Korea are trading down by 0.2% each. The major stock indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 64.95 per US dollar.

Indian stock markets have opened the day on a flattish note. BSE Sensex is trading lower by 34 points (down 0.12%) and Nifty is trading lower by 10 points (down 0.1%). However BSE Mid-Cap and BSE Small-Cap have opened in green. Both the indices are trading higher by 0.2% and 0.3% respectively. Major sectoral indices have opened the day on a mixed note with stocks from engineering and automobile witnessing buying interest. However metal & mining and telecommunication sector are witnessing selling pressure.

As per financial daily, India's merchandise exports contracted for the tenth consecutive month for the month of September. The exports contracted by 24.3% for the month as compared to September 2014.

The contraction was mainly on account of decline in shipment of petroleum products and weak external demand. In comparison to India, China's exports contracted only by 3.7% from a year ago period. However India's dip in the exports was mainly driven by a 60.3% drop in shipments of petroleum products.

Among other items, only drugs and pharmaceuticals grew by 9.1%. All the other items witnessed a contraction. Engineering goods, gems and jewellery de-grew by 22.8% and 18.8% respectively.

Further, India is aiming to take export of goods and services to US$ 900 by 2020 from the current US$ 300 bn. India also wants to increase its share in the world exports to 3.5% from 2% currently.

As reported in a financial daily Mahindra & Mahindra (M&M) launched a new bike named 'Mojo'. The bike boosts of a 300 CC engine, 21-litre fuel tank, twin exhausts, advanced fuel ignition etc.

The bike is priced at Rs 1.6 lakh (ex-showroom Delhi). The bike will compete with the bikes in two wheeler segment likes of Bajaj KTM, Yamaha's R-15 and some future TVS products. As per an article in Economic Times Mahindra's bike has been developed In-house with inputs from global partners. The bike has also been designed to be at par with the global products in this class.

The company stated that pricing is introductory and will be revised after Diwali. Further, online bookings for the bike will open from today.

Radhika Pandit, our automobile analyst, recently released a detailed analysis of the company's latest results (subscription required) for the quarter ending June 2015. In the note Radhika explains factors driving the performance of the company in this period and what to expect going forward. If you are interested in the stock, then this is a must read!