Asian stock markets have opened the day on a mixed note with markets in Hong Kong (down 0.2%), Malaysia (down 1.4%) and Singapore (down 0.6%) leading the losses in the region. However, the markets in China (up 0.1%) and South Korea (up 0.3%) have opened in green. The Indian share market indices have opened the day on a positive note. Stocks in the metal and software space are leading the gains. However, power and capital goods stocks are trading weak.
The Sensex today is up by around 19 points (0.1%), while the NSE-Nifty is up by around 4 points (0.1%). The mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is trading at Rs 55.87 to the US dollar.
Auto stocks have opened the day on a mixed note with TVS Motors and Tube Investments leading the gains. However, Maharashtra Scooters and Eicher Motor are witnessing losses. As per a leading financial daily, sales for the two wheelers in the month of August have registered a decline for the first time in 42 months. This is mainly on account of higher interest costs along with increasing petrol prices. The overall industry sales for the month of August stood at 1.07 million units, down by 5% year on year (YoY). The monthly two wheeler sales have witnessed a decline (YoY basis) for the first time since January 2009. The key two wheeler manufacturers like Hero MotoCorp and Bajaj Auto have posted a sharp drop of 12% year on year (YoY) and 14% YoY respectively in sales . The only companies that have managed to buck the trend are Honda Motorcycle & Scooter (HMSI) and Suzuki.
Engineering stocks have opened the day on a mixed note with Sanghvi Motors and Honeywell Automation leading the gains. However, Caroborundum Universal and Bharat Heavy Electricals Ltd (BHEL) are witnessing losses. As per a leading financial daily, BHEL has signed a preliminary agreement with Tajakistan for setting up a 100 MW hydro-electric power project. The plant will help to harness Tazakistan's hydro potential and BHEL will use its experience in hydro power plants to offer the optimum techno-economic solution for the project. BHEL has already commissioned a hydro generator for Pamir-1 project in Khorog and is presently executing renovation, modernization and uprating of Varzob-1 hydro power project in Tazakistan.