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Indian stock markets open firm
Tue, 10 Jan 09:30 am

All major Asian stock markets have opened the day on a firm note with stock markets in South Korea (up 1.6%), China (up 1.5%) and Taiwan (up 1.1%) leading the gains. The Indian stock markets have also opened the day on a firm note. Stocks in the banking and realty space are leading the gains.

The BSE-Sensex is trading higher by 156 points (1%), while the NSE-Nifty is up by around 48 points (1%). BSE Midcap and BSE Small cap stocks are also trading in the green with the BSE Mid cap and BSE Small cap indices up by 1% each. The rupee is trading at 52.27 to the US dollar.

Bank stocks have opened the day on a firm note with Dhanlaxmi Bank, Karnataka Bank, ING Vysya Bank and Development Credit Bank leading the pack of gainers. Private sector lender Dhanlaxmi Bank has forayed into the silver retailing business with the launch of 'Dhan' silver bars. The silver bars will be offered in a tamper-proof laminated pack. They will be in denominations of 50 and 100 grams at branches across India. The launch of 'Dhan' silver bars has come of the back of the success of the bank's gold retailing business. It is the bank's second venture in silver bullion business. Last year in July, the bank had commenced its wholesale initiative with the launch of 30 kg silver bars and silver grains.

Auto stocks have opened the day on a firm note with Ashok Leyland, Hero MotoCorp, Tata Motors, Maruti Suzuki and Mahindra & Mahindra Ltd. (M&M) trading in the green. M&M has announced that its heavy commercial vehicle making joint venture Mahindra Navistar will commence the export of trucks to South Africa in the next two years. The company is currently configuring the products for this market. The vehicles will be exported to South Africa as completely-built-units from the company's manufacturing unit at Maharashtra. The company is also considering the possibility of supplying truck cabins to its foreign partner Navistar for the US market.

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