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Indian stock markets open firm
Tue, 23 Jul 09:30 am

The major Asian stock markets have opened in the green with China (up 2.1%) and Indonesia (up 1.4%) leading the gains. The Indian stock markets indices have also opened the day on a firm note. Barring consumer durables, all sectoral indices have opened in the green with stocks in the banking and oil and gas space leading the gains.

The Sensex today is up by around 159 points (0.8%), while the NSE-Nifty is up by around 44 points (0.7%). Mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.5% respectively. The rupee is trading at Rs 59.61 to the US dollar.

The Reserve Bank of India has tightened gold imports again and made them dependent on export volumes in order to reduce current account deficit. However, RBI has also offered relief to domestic sellers by lifting restrictions on credit deals. The move aims to curb increasing demand of gold fuelled by falling gold prices. Now the central bank has said that 20 % of imports must be used for overseas sales - giving exporters guaranteed supplies. The restrictions are also applicable to unrefined gold. This takes care of a loophole in import duty which was hiked to 8% but only on refined gold. The RBI said importers need to retain 20% of the gold they import in customs-bonded warehouses. Also, they will only be able to buy more after exports equivalent to 75 %of the retained amount have been shipped. Jewellery majors Titan Industries and Tribhovandas Bhimji Zaveri Ltd are witnessing selling pressure.

Power stocks have opened the day mainly in the green with KSK Energy and JSW Energy leading the gains. As per a leading financial daily, Tata Power is developing a 28.8-MW solar plant at Palaswadi in Satara district, Maharashtra. As per the management, the company is committed to generating 20-25 % of its total generation capacity from clean energy sources. The project will be executed by its wholly-owned subsidiary Tata Power Renewable Energy. The company intends to commission the entire project capacity by December 2013. Its distribution arm has signed a power purchase agreement for a 25-year period in order to meet its solar renewable purchase obligations.

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