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Indian equity indices open firm
Tue, 5 Jun 09:30 am

Most Asian stock markets have opened the day on a firm note with stock markets in Indonesia (up 2.1%) and Taiwan (down 1.5%) leading the gains in the region. The equity markets in India have also opened the day on a positive note. Stocks in the banking and capital goods space are leading the pack of gainers. However, FMCG stocks are trading in the red.

The Sensex today is up by around 78 points (0.5%), while the NSE-Nifty is up by around 26 points (0.5%). Mid and small cap stocks are also trading 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 trading at Rs 55.40 to the US dollar.

Auto stocks have opened the day on a firm note with Hero MotoCorp, Mahindra & Mahindra (M&M) and Maruti Suzuki. As per a leading financial daily, Hero MotoCorp has chalked out investment plans to the tune of Rs 25.75 bn. The country's largest two-wheeler maker in terms of volumes will set up two manufacturing units in Gujarat and Rajasthan and also a new research & development (R&D) centre by the financial year 2013-14 (FY14). The first plant would come up at Neemrana (Rajasthan) by the first quarter of 2013-14 (1QFY14). With an investment of Rs 4 bn, this plant will have an initial installed capacity of 7.5 lakh units per annum. The proposed plant in Gujarat will entail an investment of about Rs 11 bn and will have an installed capacity of 1.2 million units per annum by the second quarter of 2013-14 (2QFY14). These investments will take the total installed capacity of Hero MotoCorp from the current 7 million units to 9 million units by FY14. In addition, the integrated R&D centre which is set to come up on a 250-acre plot near Jaipur will entail an investment of Rs 4 bn.

PSU Bank stocks have opened the day on a strong note with UCO Bank, Union Bank and Oriental Bank of Commerce leading the pack of gainers. As per a leading financial daily, Reserve Bank Of India (RBI) has hinted at a cut in interest rates. The poor GDP (Gross Domestic Product) growth numbers, moderation in inflation and falling oil prices will give the RBI more elbow room to go for easing in monetary policies. On the back of an expectation in the interest rate cut as early as this month, the benchmark 10-year bond yields have fallen to their lowest in two-and-half months, while the 1 year-swap rate hit its lowest since mid-September .

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Feb 23, 2018 03:35 PM