The major Asian stock markets have opened the day on a negative note with the stock markets in Indonesia (down 0.8%) and Singapore (down 0.3%) leading the losses. The Indian share markets have also opened the day in the red. The sectoral indices have opened mixed with stocks in the oil and gas and capital goods space leading the losses. However, the stocks in realty and consumer durables space were witnessing gains.
The Sensex today is down by around 64 points (0.3%), while the NSE-Nifty is down by about 16 points (0.2%). However, the mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% each. The rupee is currently trading at Rs 60.37 to the US dollar.
Energy stocks have opened the day mainly in the red with Oil India Ltd and Jindal Drill Ltd leading the pack of losers. As per a leading financial daily, state-run Oil and Natural Gas Corporation (ONGC) has told the government that gas production from some of its deep-sea fields would be viable only at prices of up to nearly US$13 per unit. It is important to note here that the price suggested by ONGC is much higher than US$8.4 per unit that Reliance Industries would have charged from April 1 2014 if the gas price hike was not vetoed by poll authorities. As per the company executive, ONGC may put its plan to develop these discoveries on hold till gas prices are raised between US$11 and US$13 per unit.
FMCG stocks have opened the day on a mixed note with Jyothy Consumers Products Ltd and Gillette India Ltd leading the pack of gainers. However, Kokuyo Camlin Ltd and Lakshmi Energy Ltd were leading the losses. As per a leading financial daily, the leading domestic packaged fruit juice & beverage maker Dabur India Ltd has expanded its packaged food business. The company has launched 100% natural Tender Coconut Water under the Real Activ brand. The new Real Activ Coconut water will be available in 200 ml bottle and will be priced at Rs 35. Dabur will soon be executing a 360-degree marketing campaign to promote the product. The campaign will include outdoor advertising, television & print campaigns and social media marketing.