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Indian stock markets open in the red
Tue, 5 Jul 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in South Korea (up 0.5%), and Japan (up 1%) and Hong Kong (up 0.1%) are trading in the green, while Indonesia (down 0.3%) and China (0.1%) are trading in the red. The Indian stock markets have opened the day on a weak note. Stocks in the realty and capital goods sectors are leading the losses. However, IT and Auto stocks are trading in the green.

The BSE-Sensex is trading down by 39 points (0.2%) and the NSE-Nifty is down by around 13 points (0.2%). Midcap stocks are trading in the red as well, with the BSE Midcap index down by 0.2%. However, the smallcap stocks have opened the day in the green with the BSE Small cap index up by 0.1%. The rupee is trading at 44.42 to the US dollar.

Power stocks have started the day on a weak note with NHPC and GVK Power trading in the red. Power major NTPC (National Thermal Power Corp) has decided to shut down two more power units in Orissa. Each of the units has a capacity of 500 MW. This is the second such shutdown by the company. It has already shut down 2 of its 500 MW units in Orissa. The company is doing the shutdown in line with the closure notice issued by the Orissa State Pollution Control Board (OSPCB). OSPCB had issued a notice to the company to shut down its units due to its faulty fly ash management plan. NTPC has requested OSPCB to reconsider its decision. However, OSPCB has asked NTPC to come up with a permanent action plan to contain the fly ash problem. The stock of NTPC is currently trading in the red.

Auto stocks have opened the day on a firm note with Ashok Leyland and Tata Motors in the green. Jaguar Land Rover, a Tata Motors subsidiary, rolled off its first Range Rover Evoque from its manufacturing facility in UK. The company is advertising the Evoque as one of its most significant releases after the takeover by Tata Motors. The car is expected to become one of the best selling cars of 2011. For this year the company has already received an order of 18,000 cars from its customers worldwide. For the next five years, Jaguar Land Rover will also increase its spending on products to £ 1.5 bn from £ 1 bn a year.

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