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Indian stock markets open weak
Wed, 11 Sep 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in China (up 0.6%) and Japan (up 0.8%) leading the gains. However, the stock markets in Taiwan (down 0.8%) and Indonesia (down 0.7%) were leading the losses. The Indian stock market indices have opened the day on a weak note. Barring software and healthcare, all sectoral indices have opened the day in the red led by the stocks in the banking and capital goods.

The Sensex today is down by around 133 points (0.7%), while the NSE-Nifty is down by around 50 points (0.9%). The BSE Mid Cap index has opened on a flat note. However small cap stocks have opened in the green with the BSE Small Cap index up by around 0.2%. The rupee is trading at Rs 63.82 to the US dollar.

Energy stocks have opened the day on a mixed note with Indian Oil Corporation Ltd and Jindal Drill Ltd leading the gains. However, Oil and Natural Gas Corporation Ltd (ONGC) and Chennai Petroleum Corporation Ltd (CPCL) are seeing losses. As per a leading financial daily, Indraprastha Gas Ltd (IGL) has raised the prices of compressed natural gas (CNG) and piped natural gas (PNG) in Delhi and NCR regions. The price of CNG in Delhi has been hiked by Rs 3.7 per kg to Rs 45.6 per kg. For regions such as Noida, Greater Noida and Ghaziabad, the price has been raised by Rs 4.2 per kg to Rs 51.5 per kg. The price of PNG has been hiked to Rs 27.5 per standard cubic metres (scm) in Delhi. The price hike has been taken to counter the impact of rupee depreciation against the US dollar in the recent months that has led to increase in the cost of imported gas. The company has consistently raised the price of gas in response to increase in the input costs. This underpins the strong pricing power of IGL. The stock price of IGL has gained on account of this positive news.

Power stocks have opened the day on a mixed note with Neyveli Lignite Ltd and National Hydroelectric Power Corporation Ltd (NHPC) leading the gains. However, Jaiprakash Power and Power Grid Corporation of India Ltd (PGCIL) have opened in the red. As per a leading financial daily, Power Finance Corporation is planning to raise a minimum of Rs 1.5 bn via a private placement of tax free bonds. As per the termsheet, the issue is open to institutional investors and corporate. The firm will issue 10-year tax-free bonds at 8.04 %, 15-year bonds at 8.41%, and 20-year bonds at 8.4%. Besides, the issue has a greenshoe option of Rs 3.76 bn. The issue has been rated AAA by rating agencies like Crisil, ICRA and Care. The firm has scheduled the issue opening and closing for September 13, 2013.

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Mar 19, 2018 (Close)