Asian stock markets have opened the day on a mixed note with stock markets in South Korea (down 0.7%) and Malaysia (down 0.6%) leading the losses. However, markets in Japan (up 0.4%) and Singapore (up 0.1%) are trading firm. The Indian stock markets have opened on a firm note. Stocks in the banking and IT space are the major gainers.
The BSE-Sensex is up by around 269 points (1.5%), while the NSE-Nifty is up by around 35 points (0.7%). However, mid cap and small cap stocks have opened on a flat note with the BSE Mid cap and BSE Small cap indices up by 0.03% and 0.02% respectively. The rupee is trading at Rs 49.91 to the US dollar.
Auto stocks have opened the day on a strong note with Ashok Leyland and TVS Motors leading the gains. Last year the Munjal family owned Hero MotoCorp separated from a long term joint venture with Japanese firm Honda. This led to worries about how India's largest two-wheeler maker by volumes would make up for the technology deficit on account of Honda's exit. As per a leading financial daily, Hero MotoCorp is now building its own in-house capabilities to make its own engines. For this, the company is set to team up with AVL of Austria, which the world's largest privately owned engine developer. This technology tie-up with AVL will help the two-wheeler maker to develop technology for its most popular 100cc bikes such as Splendor and Passion.
Steel stocks have opened the day on a positive note with JSW Steel and Jindal Saw Ltd leading the gains. Indian steel major Tata Steel has commenced preparatory work of underground mining project at its Sukhinda Chromite Mine (SCM). The mine has a chromite beneficiation facility of 6.5 lakh tonnes per annum. According to a statement by the company, trackless mine technology and complete underground mechanisation will be part of the technology backbone of the project. Moreover, the company will adopt underground methods with 100% backfilling of voids with paste. Currently, the Sukhinda mine is the only Indian producer of hexavalent chrome-free chrome concentrate, which is made through a patented herbal treatment process. This earns green credits to the company's environmental initiatives.