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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open firm
Mon, 7 Jan 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in China (up 0.2%) and Singapore (up 0.1%) leading the gains. However, the markets in Taiwan (down 0.5%), South Korea (down 0.4%) and Japan (down 0.3%) are facing selling pressure. The Indian share market indices have opened the day on a positive note. Stocks in the auto and oil and gas space are leading the gains. However, capital goods stocks are trading in the red.

The Sensex today is up by around 26 points (0.1%), while the NSE- Nifty is up by around 5 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 0.6% and 0.8% respectively. The rupee is trading at Rs 54.96 to the US dollar.

Oil & gas stocks have opened the day on a firm note with Indraprastha Gas, Indian Oil Corporation (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) leading the gains. As per a leading financial daily, India's largest liquefied natural gas (LNG) importer Petronet LNG has leased out 2.25 million tonnes per annum (mtpa) capacity at its Dahej terminal in Gujarat to Gujarat State Petroleum Corporation (GSPC). It must be noted that the Dahej facility is being expanded to 15 mtpa which is set to be completed by the first quarter of 2016. So, a part of the leased capacity will be made available from Dahej terminal's existing 10 mtpa capacity. And the remaining will be made available from the expanded capacity. From leasing out the facility to GSPC, Petronet will earn a tolling and regassification charge. The agreement signed between the two companies is a use or pay agreement. As such, GSPC will have to either import 2.25 mt of LNG annually or pay for usage charges. It must be noted that Petronet is also constructing a 5 mtpa plant at Kochi in Kerala.

Information technology stocks have opened the day on a mixed note with NIIT Ltd and HCL Infosystems leading the gains. However, Infosys Ltd and Tata Consultancy Services (TCS) are facing selling pressure. As per a leading financial daily, IT major Infosys is planning to change its domestic business strategy to focus more on deals from corporations rather than the government. It must be noted that revenues from the government currently account for about 90% of the total domestic revenues. Infosys has already been facing challenges on account of project delays and cancellations in its main markets-the US and Europe. Together these account for around 85% of its total income. On the other hand, government deals often take a long time to finalise and involve a long implementation cycle. As such, the company is now looking at garnering a greater share of the private sector. Currently, the domestic market accounts for about 1.9% of Infosys' total sales of about US$ 7 bn sales. This is relatively lower compared with competitor TCS, which gets about 7.5% of its US$10.8 bn revenue from India.

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Mar 20, 2018 (Close)