Indian stock markets open in the green

Wed, 5 Nov 09:30 am

   Previous Close   

   Pre-Open   

   11:30 am   

   01:30 pm   

   Closing   

The major Asian stock markets have opened the day on a mixed note with markets in Hong Kong (down 0.5%) and Malaysia (down 0.3%) leading the losses. However, markets in Korea (up 0.2%) and Indonesia (up 0.1%) have opened in the green. The Indian share markets have opened the day on a positive note. Barring metal, all sectoral indices have opened in the green with stocks in the realty and power sector leading the gains.

The Sensex today is up by around 80 points (0.3%), while the NSE-Nifty is up by about 14 points (0.2%). The mid cap and small cap stocks have opened in the green as well with BSE Mid Cap index and BSE Small Cap index up by around 0.6% and 0.7% respectively. The rupee is currently trading at Rs 61.32 to the US dollar.

Auto stocks have opened the day mainly in the green with Ashok Leyland Ltd and Bajaj Auto Ltd leading the gains. However, TVS Motors Ltd and Hero Motocorp Ltd were facing selling pressure. As per a leading financial daily, the leading domestic two-wheeler maker Hero MotoCorp Ltd is planning to enter European markets, including Italy, Spain and France, by end of next year with the launch of its hybrid-scooter 'Leap' in these regions. This will be the company's first phase of expansion. This is likely to be followed by expansion in UK and Germany in the next phase. Over a period of time, the company will bring more models including scooters and motorcycles to these regions. The company is looking for potential partners and is even open for merger and acquisition opportunities to enter these markets.

FMCG stocks have opened mixed with Colgate Ltd and Jyothy Consumer Products Ltd leading the gains. However, Dabur Ltd and Archies Ltd were facing selling pressure. Dabur Ltd has announced results for the quarter ended September 2014 (2QFY15). While a revival of demand is yet to be seen, the net sales for the quarter increased 10.4% YoY. The company's domestic business grew by 13.8% YoY, driven by volume growth of 8.7% YoY. During the quarter the company raised prices by 5% across its portfolio. The hair care business reported a near 14% YoY growth during the quarter. Ayurvedic business reported around 15% YoY growth, while toothpastes reported an 11.5% YoY growth. The company's food business grew by 29% YoY for the quarter. The company's international business also recorded strong growth during the quarter. The Egypt business grew by 28% YoY, while sales in GCC (the six-nation Gulf Cooperation Council) grew by 24% YoY and Nepal by 21% YoY. The company has also launched a host of new products and variants across locations and has increased advertising and promotional spending by 11.5% YoY during the quarter. The net profits for the quarter were up 15.1% YoY, mainly on account of price hikes and better cost management.