Indian Markets Open Strong

Mon, 28 Dec 09:30 am

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Major Asian stock marketsAsian stock markets have opened the day on mixed note. Stock markets in Hong Kong and China are trading lower by 0.4% and 0.2% respectively. However, stock markets in Japan and Indonesia are trading higher by 0.3% and 0.2% respectively. Major stock indices in Europe and US ended their previous session on a positive note. The rupee is trading at 66.20 per US$.

Indian stock markets have opened the day on a firm note. BSE Sensex is trading higher by 96 points (up 0.4%) and NSE Nifty is trading higher by 27 points (up 0.3%). Both BSE Mid Cap and BSE Small Cap have surged upwards and are trading higher by 0.3% and 0.6% respectively. Major sectoral indices have opened in green with stocks from metal and oil & gas sector witnessing maximum buying interest.

Most of the energy stocks have opened in the green with GAIL and Indraprashta Gas leading the gainers. As per a leading financial daily, GAIL India Ltd is going to take 5% stake in the US$ 8.7 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. This comes after the four nations building the pipeline had earlier in August agreed to co-own the project. For this, a joint venture company with participation of each country was agreed to build and operate the 1,814 kilometer line.

Together with GAIL India Ltd, ISGS of Pakistan and Afghan Gas Enterprise (AGE) each will also take 5% stake in the project.

The development for TAPI pipeline came after Prime Minister Modi visited Turkmenistan in July and in August India agreed on a joint ownership in the pipeline.The pipeline is said to have the potential of meeting some of India's energy demands. Moreover, it is also looked as a major confidence building measure between the two countries after the Iran-Pakistan-India gas pipeline failed to take off. The pipeline is said to be fully operational by the end of 2018.As reported, Turkmenistan's state-owned TurkmenGaz will be the leader of the consortium and shall take 85% equity. India will be represented by GAIL which will take a 5% interest.

Stock of GAIL has opened in the green and is trading up by 2.4%.

As per an economic daily, Maruti Suzuki has maintained its leadership position in the domestic passenger vehicle (PV) market during the month of November. This comes as the company's three models have been featured in the list of top ten selling brands last month.According to the Society of Indian Automobile Manufacturers (SIAM) data, Maruti's Alto has retained the top position in the top ten best passenger vehicles in November. The model booked sales of 21,995 units in November. The company's compact sedan Dzire came in as the second best-selling model with 15,463 units compared with 12,020 units in the same month last year. Further, the company's compact hatchback WagonR was third, selling 13,986 units, as against 13,545 units in the year-ago month.

Maruti's growth plans remain robust for the coming fiscal as well. As Radhika Pandit wrote in the recent result analysis of the company (subscription required)..." Going forward, Maruti aims to reach sales volume target of 2 m units per annum over the next five years and in this regard plans to launch 20 new models in the same period. The company has also outlined a capex of Rs 40 bn in FY16, which will be towards new product launches, R&D, marketing expenses and maintenance."

Stock of Maruti Suzuki has opened in the green and is trading up by 0.6%.

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