Barring Malaysia (down 0.1%) and Indonesia (down 0.2%), the major Asian stock markets have opened the day on a positive note with Japan (up 1.2%) and Hong Kong (up 0.8%) leading the gains. Indian stock markets have also opened the day on a positive note. Barring stocks from the capital goods space, all sectoral indices have opened in the green with realty and banking space leading the gains.
The Sensex today is up by around 71 points (0.3%), while the NSE-Nifty is up by around 24 points (0.4%). Midcap and smallcap stocks have also opened in the green with the BSE Mid Cap index and the BSE Small Cap index up by around 0.5% and 0.6% respectively. The rupee is trading at 61.49 to the US Dollar.
FMCG stocks have opened the day mainly in the green Archies Ltd and Pidilite Industries Ltd leading the gains. FMCG major Marico Ltd has reported results for the second quarter of the financial year 2013-14 (2QFY14). The revenues for the quarter grew by 5% on a year on year (YoY) basis. As per the management, the growth in the primary sales in the second quarter was low because of a one-time paring down of stocks in the trade (as the value growth is lagging volume growth) and inflation in distribution costs. The operating profit for the quarter was up 12% YoY. Despite a sluggish performance at the topline level, the company reported a strong operational performance with margins expanding by 210 basis points (2.1%) YoY to 15.1%. The consolidated net profits for the quarter were up 25% YoY on the back of growing volumes in its international and domestic businesses. As per the management, amid tough environment, the market share of the company is improving across categories and geographies.