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Indian share markets open weak
Tue, 5 Nov 09:30 am

Barring Singapore (up 0.3%), major Asian stock markets have opened the day on a weak note with Hong Kong (down 0.6%) and Taiwan (down 0.5%) leading the losses. The Indian share market indices have opened the day on a negative note as well. Stocks in the information technology and power space are leading the losses.

The Sensex today is down by around 125 points (0.6%), while the NSE-Nifty is down by around 34 point (0.6%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices up by around 0.1%each. The rupee is currently trading at Rs 61.74 to the US dollar.

FMCG stocks have opened the day on a weak note with Godrej Consumer Products Ltd (GCPL), Hindustan Unilever Ltd (HUL) and Bata India leading the losses. As per a leading financial daily, Dabur India announced the launch of Real Fruit Shakes on Monday, November 4, 2013. With this launch, the company has made a foray into the packaged milk fruit shake market which has an estimated size of Rs 10 bn. Dabur has test-launched its product with a single variant, Mango Shake, in select markets like Delhi and Punjab. The milk fruit shake would be priced at Rs 25 for a 200-ml pack and Rs 105 for a 1-litre pack. The company soon plans to launch the product in other parts of the country. It must be noted that Real is 15-year-old Dabur brand and commands a dominant share of the branded fruit juice market in India.

Auto stockshave opened the day on a weak note with Bajaj Auto, Ashok Leyland, TVS Motor Company and Maruti Suzuki leading the losses. As per a leading financial daily, India's leading passenger vehicle maker Maruti Suzuki may cut down its diesel engine supplies from Italian auto maker Fiat by about 40-45% during the current financial year 2013-14 (FY14). The reasons for this are partly the slump in vehicle demand and partly because Maruti plans to fully utilise its own plant to make the same engine. It must be noted that in 2011 Maruti had entered into a three-year agreement to source 1.3-litre diesel engines from Fiat India's Ranjangaon plant. Fiat's diesel engines are used on its popular models such as Swift, Dzire and Ritz. The decreasing gap between prices of petrol and diesel has adversely impacted demand for diesel vehicles.

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