Asian stock markets have opened the day on a mixed note. Stock market in Indonesia (up 1.3%), Japan (up 1.1%) and Singapore (up 0.3%) are in the green while those in Hong Kong (down 0.3%) and China (down 0.1%) are in the red. The Indian stock markets have opened the day on a weak note. Stocks in the realty and auto space are leading the losses.
The BSE-Sensex is trading lower by 24 points (0.2%) and the NSE-Nifty is lower by around 11 points (0.2%). Mid cap and small cap stocks have opened on a firm note, with the BSE Mid cap index up by 0.1% while BSE Small cap is up by 0.2%. The rupee is trading at 53.16 to the US dollar.
Construction stocks have opened the day on a weak note with Hindustan Construction Company (HCC) and DLF Ltd. trading in the red. Construction major Hindustan Construction Company has announced that is has bagged an order worth Rs 2.89 bn from the Gujarat government. As part of the project, HCC will construct bulk water transmission system for Gujarat Water Infrastructure Ltd, an undertaking by the government of Gujarat. The project includes construction of a 57-km long water transmission pipeline between Dhanki and Maliya villages under the Swarnim Gujarat Saurastra-Kutch water grid programme. The project is expected to be completed in 12 months. The contract also involves commissioning and maintenance for a period of 5 years.
Auto stocks have opened the day on a weak note with Bajaj Auto and Hero MotoCorp trading in the red. Bajaj Auto unveiled its plan to launch its mini 4-wheeler for intra-city urban transport. This vehicle is targeted at the people using 3-wheeled vehicles. Bajaj Auto first showcased the same in 2008 as a concept small car. The car is named as RE60 and the core customers would be the ones who are already using 3-wheelers. The car will be powered with a 200cc rear mounted petrol engine and can also be sold in the overseas market. The company has spent almost 4 years in developing the product and will have a top speed of 70 kmph and the mileage of the same will be 35kmpl.