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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian equity markets open weak 
(Wed, 11 Jul 09:30 am) 
 
The Asian equity markets have opened the day on a mixed note with indices in Malaysia (up 0.3%), Singapore (up 0.1%) and Indonesia (up 0.2%) leading the gains in the region. However, markets in Japan (down 0.4%), China (down 0.3%) and South Korea (down 0.4%) are trading in red. The Indian equity market indices have opened the day in red. Barring consumer durables, all sectoral indices are trading in red with Oil and gas and realty sector witnessing maximum losses.

The Sensex today is down by around 93 points (0.5%) and the NSE-Nifty is down by around 30 points (0.6%). The Mid cap stocks are trading in the red with the BSE Mid Cap index down by around 0.1% while BSE Small Cap index is trading flat. The rupee is trading at Rs 55.61 to the US dollar.

Auto stocks are trading mixed with Force Motors and Maharashtra Scooters leading the pack of gainers. However, Maruti Suzuki Ltd and Tube Investments Ltd were trading weak. As per the figures released by the Society of Indian Automobile Manufacturers (SIAM), the domestic car sales for the month of June are up by 8.3% on a year on year (YoY) basis. The growth has come on a low base last year due to industrial problems at some manufacturers' plants. Maruti Suzuki India is the leading the pack of gainers with 23.1% YoY growth. It is worth mentioning here that the company had witnessed strike last year at its Manesar plant. Among the other car manufacturers, Hyundai Motor India Ltd. reported a flattish growth while sales volumes declined for Tata Motors by 26.6% YoY. Volumewise, the car sales were lowest in June since October 2011. The key reasons for the moderation in sales growth are high petrol prices and interest rates. As per the data, the sales volumes for motorcycles were up by 6.6% YoY. Hero Motocorp Ltd and Bajaj Auto Ltd. reported a growth of 4.9% YoY and 1.3% YoY respectively. However, TVS Motor Ltd. reported a decline of 13% YoY. Total sales of vehicles across categories were up by 9.1% YoY.

Energy stocks have opened the day in red with Oil and Natural Gas Corporation of India (ONGC) and Gas Authority of India Ltd. (GAIL) leading the pack of losers. As per a leading financial daily, ONGC, Indian Oil Corporation (IOC), and Oil India Ltd. (OIL) have formed a consortium to bid for a stake in oil sands assets worth over US$ 5 bn owned by Houston-based ConocoPhillips. The three companies have sought loans from banks recently to finance the deal. ONGC is bidding for the stake through its overseas arm ONGC Videsh Ltd. (OVL). While the structure of the deal is yet to be finalized, the three companies are expected to form a common overseas special purpose vehicle (SPV) to acquire the assets if they emerge as the winning bidders. The bid is for a stake in six properties owned by ConocoPhillips in Alberta, Canada. The six properties have the potential to produce up to 0.5 m barrels per day of oil according to some industry estimates.

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Jul 25, 2017 (Close)

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