The Indian markets have started today’s session on a positive note. The benchmark indices opened at the breakeven mark, but soon surged in to the positive territory. They have easily managed to hold on to their gains since then. Other key Asian markets are in the green with Japan (up 2.8%) leading the pack of gainers. The US markets closed higher by 2.8% yesterday.
Currently in India, heavyweights from the BSE-Sensex are trading strong with metal and software majors finding investors favour. The BSE-Sensex is trading higher by around 200 points, while the NSE-Nifty is up by about 60 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 1% and 1.2% respectively. The rupee is trading at 46.84 to the US dollar.
Auto stocks have opened the day on a positive note. Gainers here include Escorts and TVS Motor. As per a leading business daily, Bajaj Auto has indicated that it plans to generate 70% of its sales from overseas markets, challenging global giant Honda Motors in Latin America, Asia and Africa. The company also aims to roughly triple its global market share to 30%. It plans to use partnerships with KTM Power Sports and Kawasaki Heavy Industries for the purpose. Alternatively, it will build new networks to win market share from Honda and Chinese rivals. It may be noted that Bajaj Auto earned about 30% of its sales overseas last year. It sold a record 2.8 m vehicles in FY10 and is targeting sales of 5 m units by FY12. In comparison, Honda Motors sold 9.6 m motorcycles in FY10, including sales at Hero Honda.
Energy stocks have opened the day on a positive note. Gainers here include Indraprastha Gas and Cairn India. As per a leading business daily, the oil marketing companies i.e., Indian Oil, BPCL and HPCL hope to work out the rules for setting market driven prices of fuels across India by mid-July. Among other things, the rules will set the periodicity of revising the retail prices and arrangements to buy fuel from other refiners. It may be noted that these companies have recently been given the freedom to set the retail prices of petrol. Diesel prices have also been raised and will eventually be made market-determined. The prices of kitchen fuels - kerosene and LPG - have also been raised although they will not be made market determined. The fuel price hike has kicked off a political storm with the opposition parties organizing a nation wide agitation. But in our view, the biggest challenge for the government will be a rise in international crude oil price. It remains to be seen the government will start regulating fuel prices again if that happens.
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GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.
GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).
STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).
JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..
JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .
BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.
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