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Indian stock markets open weak
Thu, 24 Nov 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (up 0.9%), South Korea (up 0.8%) and Hong Kong (up 0.6%) leading the gains. However, markets in Japan (down 1.3%) and China (down 0.7%) are facing selling pressure. The Indian stock market have opened the day with marginal losses. Stocks in the technology space are leading the losses. However, FMCG and auto stocks are trading in the green.

The BSE-Sensex is trading marginally lower by 10 points (0.1%), while the NSE-Nifty is down by around 3 points (0.1%). BSE Midcap and BSE Small cap stocks are also trading in the red, with the BSE Mid Cap and BSE Small Cap indices down by 0.2% and 0.1% respectively. The rupee is trading at 52.18 to the US dollar.

Auto stocks have opened the day on a firm note with Maruti Suzuki, Hero MotoCorp and Mahindra & Mahindra (M&M) leading the gains. As per a leading financial daily, a senior official of Tata Motors has said that the production of the world's cheapest car Nano is at less than 50% of its annual installed capacity. While the company has an annual capacity of 250,000 units, the company is currently producing only 10,000 units per month. However, according to Mr R Ramakrishnan, Vice President (commercial), passenger car business head of Tata Motors, sales of Nano are increasing every month. The company is putting in efforts to penetrate in the rural markets. It is in the process of setting up exclusive Nano outlets. People owning two-wheelers will be its main target segment.

Pharma Stocks have opened the day on a weak note with Aurobindo Pharma and Sun Pharma in the red. Sun Pharma has announced its second quarter results for the financial year 2011-12 (2QFY12). The company's topline increased by 42.3% YoY, primarily due to full consolidation of Taro's financials. Operating margins increased by 630 bps (6.3%) due to lower material costs. The lower raw material cost was due to the higher value of the closing stock held in foreign countries due to exchange gains. However, this is not sustainable for a longer period. Net profits grew by 18.7% YoY, lower than operating profit growth due to higher depreciation and huge increase in tax outgo. In this quarter, the company received 8 approvals and filed 5 new ANDAs.

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