Major Asian stock markets have opened the day on a firm note with the stock markets in Hong Kong (up 0.5%) and Japan (up 1.8%) leading the gains. The Indian share markets have also opened the day on a firm note. Barring FMCG, all sectoral indices have opened in the green with stocks in the auto and consumer durables space leading the gains.
The Sensex today is up by around 70 points (0.3%), while the NSE-Nifty is up by about 23 points (0.3%). 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% and 0.5% respectively. The rupee is currently trading at Rs 60.01 to the US dollar.
Auto stocks have opened the day on a firm note with Ashok Leyland and Hero MotoCorp leading the gains. As per a leading financial daily, Hinduja Group flagship firm Ashok Leyland has reported a sharp 27% year-on-year (YoY) decline in sales during the month of March 2014. The company sold 10,286 units during the month as against 14,091 units in the corresponding month of the previous year. During the month, sales of medium and heavy commercial vehicle dropped by 20.3% YoY to 7,723 units from 9,694 units in March 2013. Sales of light commercial vehicles witnessed a steeper fall of 40.7% YoY from 4,325 units sold in March 2013 to 2,563 units in March 2014. For the full financial year 2013-14 (FY14), the company's sales declined by 22% YoY to 89,342 units as against 114,611 units in FY13.
Private bank stocks have opened the day in the green with J&K Bank and Karnataka Bank leading the pack of gainers. As per a leading financial daily, private sector lender Yes Bank has raised US$ 500 million in foreign currency loans and deposits during the financial year 2013-14 (FY14). This was after the Reserve Bank of India (RBI) relaxed regulations by raising the borrowings limit from 50% to 100% of Tier I capital and concessional FCNR (B) deposit swap window. The bank plans to use the loan facilities to augment general corporate lending and small and medium enterprise loan portfolios. As per the bank, the last of the loan facility, a US$ 34 million loan for six years, was raised from German development finance institution DEG recently. With this loan, the company reached the US$ 500 million mark in foreign currency loans and deposits.