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Indian stock market opens weak
Mon, 11 Jul 09:30 am

Asian stock markets have opened the day on a weak note. Stock markets in South Korea (down 0.8%) and Japan (down 0.5%), Indonesia (down 0.5%), China (down 0.4%) and Hong Kong (down 0.9%) are trading in the red. The Indian stock markets have opened the day on a weak note. Stocks in the metals and technology (IT) are leading the losses.

The BSE-Sensex is trading down by 72 points (0.4%) and the NSE-Nifty is down by around 30 points (0.1%). Midcap and small cap stocks are trading in the red as well, with the BSE Midcap and BSE Small cap indices down by 0.1% each. The rupee is trading at 44.36 to the US dollar.

Auto stocks have opened the day on a weak note with Hero Honda and Tata Motors in the red. Within 10 days of its launch, 352 Tata Nano cars have been booked. Before Nepal, Tata Motors have only marketed Nano in Sri Lanka. Interestingly, more than 50% of the customers in Sri Lanka have chosen the higher version with better facilities. Nano standard is the cheapest car so far offered to the people of Nepal. Every customer has to pay a deposit of Rs 10,000 and monthly installments of Rs 11,111 thereafter. The cars will be made available by the end of July.

Oil & Gas stocks have opened the day on a mixed note with ONGC and HPCL in the green while Reliance Industries and BPCL in the red. ONGC Videsh Ltd (OVL), a subsidiary of ONGC, said that it will focus on obtaining large oil and gas properties in the range of US$ 4 - 6 bn. Recently ONGC Videsh has acquired assets up to US$ 2 bn. The Chairman acknowledged that the Government of India has asked the company to focus only bigger assets instead of couple of small ones. The chairman added that the company will now look for properties which offer exploration risks as well as rewards. In case if it is required OVL will also tie up with other players in the public or private sector. Most of the funding for the acquisition would be done through internal accruals and some borrowings.

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