The major Asian stock markets have opened the day on a mixed note with the stock markets in Korea (up 0.7%) and Singapore (up 0.6%) leading the gains. However, the stocks markets in Japan (down 0.7%) and Taiwan (down 1.7%) were leading the losses. The Indian equity markets have opened the day on a firm note. Barring software and energy, the sectoral indices have opened in the green with the stocks in the metal and realty space leading the gains.
The Sensex today is up by around 29 points (0.1%), while the NSE-Nifty is up by about 7 points (0.1%). The mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.7% each. The rupee is currently trading at Rs 61.02 to the US dollar.
Auto stocks have opened the day mainly in the green with TVS Motors Ltd and Eicher Motors Ltd leading the pack of gainers. As per a leading financial daily, Ashok Leyland has recently launched its intermediate commercial vehicle Boss in the Delhi market. The vehicle has been priced between between Rs 10.5 lakh and Rs 12 lakh. It will be available in different tonnage segments - 9.6T, 11.9T and 12.9T. It is powered by a 120 HP H-series BS3 complaint engine. The vehicle is being manufactured at the company's Pantnagar plant. The management has said that through this launch, it is targeting customers who are looking for higher-productivity, high-performance vehicles in the ICV (intermediate commercial vehicle) segment.
Energy stocks have opened the day on a mixed note with Indian Oil Corporation Ltd (IOCL) and Gujarat State Petronet Ltd leading the losses. However, Gujarat Gas Ltd and Jindal Drill Ltd were witnessing gains. As per a leading financial daily, a key section of GAIL (India) Ltd's Rs 34 bn Kochi-Kuttanad-Bangalore-Mangalore gas pipeline project has been disrupted on account of land acquisition issues and stiff opposition by the Tamil Nadu government . The company has cancelled a supply contract worth Rs 2.5 bn awarded to engineering firm Fabtech for building 300 km of the 900 km pipeline. It is to be noted that pipeline links Petronet LNG's new liquefied natural gas (LNG) terminal in Kochi with Bangalore. It will ultimately be connected with the natural gas grid and will pass through other districts. Meanwhile, the work on the rest of the pipeline in Kerala and Karnataka is going on as planned. This development is a matter of concern for Petronet LNG as it affects the company's brand new Kochi LNG terminal's ability to distribute and market gas.