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Indian share markets open weak
Fri, 10 Oct 09:30 am

Barring Taiwan (up 0.1%), most major Asian stock markets have opened the day on a weak note with the markets in Japan (down 1.4%) and Hong Kong (down 1.6%) leading the losses. The Indian share markets have opened the day on a negative note. Barring the IT and Teck indices, all sectoral indices are trading in the red with capital goods and metal indices leading the losses.

The Sensex today is down by around 273 points (1%), while the NSE-Nifty is down by about 80 points (1%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 1.4% and 1.3% respectively. The rupee is currently trading at Rs 61.36 to the US dollar.

Auto stocks have opened the day mainly on firm note with Tata Motors and Escorts leading the losses. As per a leading financial daily, India's largest passenger vehicle maker Maruti Suzuki India Ltd has high hopes from its new launch Ciaz, which replaces SX4 in the A3 plus segment. Please note that the Society of Indian Automobile Manufacturers (SIAM) divides the Indian passenger vehicles in the segments A1, A2, A3, A4, A5, A6, B1, B2 and SUV based solely on the length of the automobiles. The A3 segment refers to the category of cars with a length of 4,001 to 4,500 mm. Effectively, A3 plus means cars over 4,500 mm and A3 minus refers to cars less than 4,001 mm in length. The company has so far done quite well in the A3 minus segment with Swift and Dzire. The current market in A3 plus segment is about 1.25 lakh units, out of 5 lakh units in the entire A3 segment. The A3 segment represents 20% of the 25 lakh car market.

Mining stocks have opened the day on a weak note with MMTC Ltd and Gujarat NRE Coke leading the pack of losers. As per a leading financial daily, state-run coal mining giant Coal India Ltd has missed its sales target by 6.5% for the first half of the financial year 2014-15 (1HFY15). The company reported sales of 230 million tonnes as against a target of 246 million tonnes during the period. However, it must be noted that on a year-on-year basis, volumes sales were up by about 5%. During the six month period, the company achieved a production of 210 million tonnes against the target of 220 million tonnes. The company missed the target by about 4.5% on account of delays in renewal of existing mining contracts and finalisation of new loading agencies at some mines.

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