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Indian share markets open firm
Tue, 15 Oct 09:30 am

Barring China (down 0.1%), major Asian stock markets have opened the day on a firm note with Taiwan (up 1%), South Korea (up 0.7%) and Indonesia (up 0.7%) leading the pack of gainers. The Indian share market indices have opened the day on a positive note as well. Stocks in the realty, oil & gas and information technology space are leading the gains.

The Sensex today is up by around 116 points (0.6%), while the NSE-Nifty is up by around 34 points (0.6%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Mid Cap indices up by around 0.5% and 0.4% respectively. The rupee is currently trading at Rs 61.55 to the US dollar.

Auto stocks have opened the day on a firm note with Maruti Suzuki, TVS Motor Company and Hero MotoCorp leading the gains. As per a leading financial daily, India's leading auto firm Tata Motors' global sales during the month of September 2013 declined by 15.8% on a year-on-year (YoY) basis to 87,316 units. This includes sales of Jaguar Land Rover (JLR). During the same period last year the company had report sales of 103,656 units. However, global sales of passenger vehicles and luxury brand JLR reported a positive growth. Global passenger vehicle sales increased marginally in September by 0.8% YoY to 49,267 units as against 48,895 units in September 2012. JLR sales increased by 35.6% YoY to 35,874 units as against 26,461 units in the corresponding month of the previous year.

Mining stocks have also opened the day on a firm note with Sesa Sterlite, Ashapura Minechem, Hindustan Zinc and Coal India Ltd (CIL) leading the gains. As per a leading financial daily, state-run coal mining giant CIL has suffered a production loss of 1.2 million tonnes (MT) over the past three days owing to Cyclone Phailin which has adversely impacted key coal-producing states of Odisha, Jharkhand and West Bengal. The maximum production loss was witnessed on October 13th and 14th. CIL is facing a production loss at a time when it has been criticised for missing its production target. It must be noted that CIL's production had also been hurt in November 2012 on account of Cyclone Neelam.

CIL accounts for 81% of India's domestic coal production. During the financial year 2012-13 (FY13), the company missed its production target of 464 MT and produced 452 MT of coal. The Coal Ministry has set a production target of 482 MT and offtake target of 492 MT for CIL for the current financial year 2013-14 (FY14).

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