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Indian share markets open firm
Tue, 13 May 09:30 am

Barring Singapore (down 0.9%), the major Asian stock markets have opened the day on a positive note with stock markets in Japan (up 1.9%) and Korea (up 1.1%) leading the gains. The Indian share markets have also opened the day on a strong note. All sectoral indices have opened in the green with stocks in realty and power space leading the gains.

The Sensex today is up by around 300 points (1.3%), while the NSE-Nifty is up by about 86 points (1.2%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 1.3% and 1.1% respectively. The rupee is currently trading at Rs 59.70 to the US dollar.

The key macroeconomic data on consumer price inflation (CPI) has been released for the month of April 2014. As per the data, the CPI for the month stood at 8.59%, slightly higher than 8.31 % in the month of March 2014. The data for CPI is at a three month high with food inflation at 9.66% versus 9.1% in March. The rural inflation and urban inflation numbers came in at 9.25% and 7.69% respectively, as compared to 8.89% and 7.51% respectively in the month of March. The combined core inflation data for April stood at 7.8%, almost in line with the numbers in March. The index of industrial production data has also been released for the month of March 2014. The IIP number brought some relief as it shrunk at a slower pace of -0.5% as against -1.8% in February. The overall IIP data for FY14 came in at -0.1% versus 1.1% in FY13.

Power stocks have opened the day mainly in the green with Reliance Infrastructure Ltd and Indiabulls Power Ltd leading the gains. As per a leading financial daily, National Thermal Power Corporation Ltd (NTPC) has cancelled a Rs 230 bn contract with Thiess Minecs India on account of delays in development and operation of the Pakri-Barwadih coal block. Thiess Minecs India was appointed mine developer and operator for the NTPC's captive block in Jharkhand on November 2010 after a global tender. NTPC wanted to start mining coal to reduce reliance on the market for the fuel. The contract was for a period of 27 years, with a development period that was 360 days ending November 25, 2011. As per the management, despite the fact that the development period of the contract was extended twice, Thiess Minecs has failed to make any progress.

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