Most major Asian stock markets have opened the day on a firm note with stock markets in Japan (up 1.9%) and China (up 0.9%) leading the pack of gainers in the region. The Indian share market indices have also opened the day in the green. Stocks in the consumer durables, auto and realty space are leading the gains. However, IT and telecom stocks are trading weak.
The Sensex today is up by around 31 points (0.2%), while the NSE-Nifty is up by around 6 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.3% respectively. The rupee is trading at Rs 51.62 to the US dollar.
Auto stocks have opened the day on a firm note with Maharashtra Scooters, Tata Motors, Force Motors, Eicher Motors and Hero MotoCorp leading the gains. As per a leading financial daily, Hero MotoCorp, India's largest two-wheeler maker, is set to launch the first product with its own technology by 2013-14. It has collaborated with technology partners such as US-based super bike and engine manufacturer Erik Buell Racing (EBR), Austria-based AVL and Italy-based two-wheeler design firm Engines Engineering. It must be noted that the company's over 25 year old partnership with Japan's Honda came to an end in 2010. The company is also planning to introduce its bikes in the markets of Africa and Latin America in the January-March quarter of the current financial year 2012-13 (FY13). It will customise its existing bikes to suit the needs of these markets.
Mining stocks have also opened the day on a firm note with Gujarat NRE Coke and MOIL Ltd leading the gains. As per a leading financial daily, public sector mining firm Coal India Ltd (CIL) achieved about 96% of its production target and 97% of its sales target for the first half of the financial year FY13. During the period, the country's biggest coal miner produced 191.57 million tonnes (mt) of coal against a target of 198.74 mt. On the other hand, the company reported sales volume of 214.5 mt against a target of 221.7 mt. On a year-on-year basis, production and sales volume grew by 8.46% and 7.16% respectively. CIL said that it marginally missed its targets for the period on account of disruptions caused by heavy rains in August and September. The shortfall in coal production is likely to affect power producers who are already facing severe supply shortages.