The major Asian stock markets have opened the day on a firm note with the stock markets in South Korea (up 1.1%) and Hong Kong (up 1.1%) leading the gains. The Indian equity markets have also opened the day on a firm note. Barring software and healthcare, the sectoral indices have opened firm with stocks in the realty and metal space leading the gains.
The Sensex today is up by around 75 points (0.4%), while the NSE-Nifty is up by about 25 points (0.4%). The mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% each. The rupee is currently trading at Rs 61.24 to the US dollar.
Auto stocks have opened the day mainly in the green with Tata Motors Ltd and Ashok Leyland Ltd leading the pack of gainers. As per a leading financial daily, Tata Motors Ltd is considering increasing the prices of its products from the next month. This will be in order to offset high input and operational costs and unstable forex situation. The company is likely to increase the price of its commercial vehicles portfolio by about 1%. Already, it has stated that it is also mulling increasing prices of its passenger vehicles by 1%-2 %. In another development, the company is expected to launch two new cars - Bolt and Zest by July 2014. Both the cars are expected to cost between Rs 5-7 lakhs.
Energy stocks have opened the day on a mixed note with GAIL (India) Ltd and Indian Oil Corporation Ltd leading the gains. However, Jindal Drill Ltd and Oil India Ltd were leading the losses. As per a leading financial daily, Oil and Natural Gas Corporation Ltd (ONGC) and Russian state-controlled company Rosneft, the world's top listed oil producer by output may join forces to supply oil to India over the long term. At a time when European Nations are threatening to cut their reliance on Russian oil and gas over its annexation of Crimea, Russian officials are trying to seek alliances in the East. Roseneft has also agreed with ONGC to join forces for Rosneft's yet-to-be built liquefied natural gas (LNG) plant in Russia to the benefit of Indian consumers. However, no additional details have been shared regarding the cooperation with ONGC.