Indian share markets open firm

Thu, 3 Jan 09:30 am

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Barring South Korea (down o.5%), all major Asian stock markets have opened the day on a firm note with stock markets in China (up 1.6%), Indonesia (up 1.1) and Japan (up 0.7%) leading the gains. The Indian share market indices have also opened the day on a firm note. Stocks in the metal, oil and gas and IT space are leading the gains. However, FMCG stocks are trading in the red.

The Sensex today is up by around 24 points (0.1%), while the NSE- Nifty is up by around 8 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% and 0.6% respectively. The rupee is trading at Rs 54.45 to the US dollar.

Mining stocks have opened the day on a firm note with Gujarat NRE Coke, Sesa Goa Ltd, Coal India Ltd (CIL) and MOIL Ltd leading the gains. As per the Coal Ministry, state-run mining giant CIL achieved 93% of its output target during April-November 2012 period. At 330.61 million tonnes (mt), the production was higher by about 6.4% over the corresponding period of the previous financial year. Coal off-take during the same period stood at nearly 360 mt, achieving 95% of the target. Coal off-take was higher by 7.8% over the corresponding period of the previous year. It is worth noting that during the financial year 2011-12 (FY12), CIL had reported actual production of 540 mt. For the current financial year (FY13), the target has been set at 578.1 mt, higher by 7% year-on-year (YoY). On the other hand, the coal off-take target for the fiscal has been set at 585.6 mt. The Coal Ministry has also stated that Fuel Supply Agreements (FSAs) have been made mandatory. After resolving the pending issues with power producers, Coal India has so far signed 35 FSAs out of 114. The remaining FSAs are likely to be completed soon.

Auto stocks have opened the day on a firm note with Eicher Motor, TVS Motor Company and Bajaj Auto leading the gains. As per a leading financial leading, India's second largest commercial vehicle manufacturer Ashok Leyland has registered a 19.3% YoY decline in sales during the month of December 2012. The total vehicle sales during the month stood at 7,299 units, as against 9,048 units during December 2011. The company's light commercial vehicle (LCV) product 'Dost' reported robust sales of 2,069 units as against 1,099 units in December 2011, a growth of 88% YoY. However, sales of commercial vehicles dipped by 34.2%, from 7,949 units in December 2011 to 5,230 units in December 2012.