Indian share markets open firm

Wed, 26 Dec 09:30 am

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   11:30 am   

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Barring China (down 0.3%), all major Asian stock markets have opened the day on a firm note with stock markets in South Korea (up 0.7%) and Japan (up 0.5%) leading the gains. The Indian share market indices have also opened the day on a firm note. Stocks in the realty and consumer durables space are leading the gains. However, information technology stocks are trading in the red.

The Sensex today is up by around 43 points (0.2%), while the NSE-Nifty is up by around 7 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% each. The rupee is trading at Rs 54.73 to the US dollar.

Steel stocks have opened the day on a firm note with Bhushan Steel, Jindal Steel and Tata Steel leading the gains. As per a news report in India Today, a recent clash between security guards and contract workers of leading Indian steel manufacturer Tata Steel resulted in bullet injuries for five contract workers and three security guards. The tussle broke out due to an issue related to the company's attendance marking procedure. This verbal tussle eventually migrated to stone pelting by angry workers which injured 3 guards. The remaining guards resorted to firing in order to bring the crowd under control. As a result, five contract workers sustained bullet injuries. However the firing led to an outrage that resulted in the workers going on a rampage and damaging some property around the campus. As per Tata Steel's Vice President Mr Sanjiv Paul, production at the plant had not been affected because of the clash. It is worth noting that a similar clash between contract workers and security guards of Tata Steel had occurred on June 28, 2010.

Auto stocks have opened the day on a mixed note with Tube Investments and Escorts Ltd leading the gains. However, Hero MotoCorp and Tata Motors are trading in the red. As per a leading financial leading, India's leading passenger vehicle manufacturer Maruti Suzuki may soon re-launch its sedan car SX4 in a new avatar. This is in a bid to revive the slumping brand. After the failure of Baleno, Maruti had launched its most ambitious sedan SX4 in 2007 to compete with Honda City, which was then the segment leader. But unlike its smaller cars such as Swift and WagonR, SX4 never became the customer's favourite. Over the last six years, the sedan brand already witnessed two makeovers. Yet, sales have now hit a new low. Sales of SX4 have dropped to about 500 units per month from over 2,500 units per month last year owing to stiff competition from Volkswagen Vento and Hyundai Verna.