Asian stock markets have opened the day on a weak note on the back of poor global sentiment. Stock markets in Honk Kong (down 4.4%), Indonesia (down 3.2%), Singapore (down 2.3%), Japan (down 2.2%) and China (down 0.2%) are leading the pack of losers. The Indian stock market have opened the day on a weak note. Banking and realty stocks are facing the maximum selling pressure. However, consumer durable stocks are trading firm.
is trading lower by around 278 points (1.7%), while the NSE-Nifty is down by around 85 points (1.7%). Midcap and small cap stocks have opened on a weak note as well with the BSE Mid Cap and the BSE Small Cap indices down by 0.7% and 0.3% respectively. The rupee is trading at 49.40 to the US dollar.
Cement Stocks have opened the day on a weak note with Ambuja Cements and ACC in the red. India's top cement player, ACC has planned for an ambitious project for replacing 5% of its annual coal requirement of about 5 m tonnes with waste generated by cities and industries. The exercise is supposed to get completed within 3 years. The company already saved Rs 600 m in 2011 on fossil fuels by burning waste for its plants. The company is working on disposal of city wastes, wherein it will segregate the plastic waste and use it for burning. The company said that they have already replaced 2% of their coal requirement by disposing and burning all types of wastes. However, their target is to achieve 5% of their total coal requirement in the next 3 years. Currently, the projects are being implemented in Himachal Pradesh and Madhya Pradesh.
Auto Stocks have opened the day on a weak note with Maharashtra Scooters, Hero Motocorp and Bajaj Auto leading the losses. Maruti Suzuki witnessed a decline of 20.8% in vehicle sales for the month of September, 2011. The auto major was able to sell only 85,565 units during the month as against 108,006 units in the corresponding period of the previous fiscal year. The main reasons for the drop in sales were a double whammy of weak consumer sentiment and the prolonged labour issues at the company's Manesar plant. The disruption in production caused by the labour issues had a severe impact on sales and distribution during the month. Maruti's Manesar plant manufactures Swift, SX4 and A-star cars.