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Indian stock markets open in the red
Wed, 3 Dec 09:30 am

The major Asian stock markets have opened the day on mixed note with stock markets in Japan (up 0.8%) and Taiwan (up 1.5%) leading the gains. However, stock markets in Hong Kong (down 0.2%) and Malaysia (down 0.8%) were witnessing selling pressure. The Indian share markets have opened the day on a negative note. Sectoral indices have opened mixed with FMCG and software stocks leading the losses, while stocks in the auto and capital goods segment are leading the gains.

The Sensex today is down by around 45 points (0.2%), while the NSE-Nifty is down by about 5 points (0.1%). However, the mid cap and small cap stocks have opened in the green with BSE Mid Cap index and BSE Small Cap index up by 0.9% and 0.8% respectively. The rupee is currently trading at Rs 61.92 to the US dollar.

Telecom stocks have opened mainly in the green with Himachal Futuristic Ltd and ITI Ltd leading the gains. However, Idea Cellular Ltd and ADC India Communications Ltd were facing selling pressure. As per a leading financial daily, the government plans to conduct 3G spectrum auctions along with 2G radiowaves sale in February 2015. It has asked telecom regulator TRAI to speed up the base price recommendations on the reserve price of 2100 MHz band (used for 3G services) and related issues. As per the regulator, the Department of Telecom is in talks with the Defence Ministry for the vacation of the band and there are three possible scenarios being considered. Both telecom companies and the regulator believe that the auction should take place only when adequate spectrum is made available, and the bidding for both 2G and 3G should happen simultaneously.

Auto stocks have opened the day mainly in the green with TVS Motors Ltd and Eicher Motors Ltd leading the gains. Bajaj Auto Ltd has reported a 6% year on year (YoY) drop in motorcycle sales to 2.61 lakh units in the month of November 2014. Total sales volumes of company's two- and three-wheelers too have gone flat as the company has sold 3.09 lakh units in the month compared to 3.10 lakh units it sold a year earlier. Total exports have increased 24% YoY to 1.64 lakh units. It is noteworthy that exports now account for 53.59% of the company's total volumes. Bajaj Auto's commercial vehicles sales went up 48% YoY to 47,311 units - the highest-ever November sales for the segment. So far, the total sales in FY15 are up 4% YoY, of which motorcycles sales are up by just 2% YoY and commercial vehicle (CV) sales are up 22% YoY. Exports so far in FY15 have grown by 24% YoY.

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