Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian stock market opens firm
Wed, 9 Nov 09:30 am

Asian stock markets have opened the day on a firm note. Stock market in Hong Kong (up 1.4%), Indonesia (up 0.9%), Japan (up 0.9%) and South Korea (up 0.2%) is in the green while China (down 0.5%) is in the red. The Indian stock market have opened the day on a firm note. Stocks in the consumer durables and Oil and gas space are leading the gains.

The BSE-Sensex is trading up by 61 points (0.4%) and the NSE-Nifty is up by around 15 points (0.3%). BSE Midcap and BSE Small cap stocks are trading in the green, with the BSE Mid Cap and BSE Small Cap indices up by 0.2% and 0.3% respectively. The rupee is trading at 49.43 to the US dollar.

Pharma stocks have opened the day on a firm note with Glenmark and Dr Reddy's Laboratories (DRL) leading the gains. DRL has announced its second quarter results for 2012 (2QFY12). The company has reported 21.2% YoY and 7.3% YoY growth in sales and profit after tax respectively. Sales growth of 21.2% YoY was led by strong growth from North America, Russia & CIS and bulk drugs (PSAI) division. However, there was a slowdown seen in the domestic growth when compared with that of the industry. Operating margins decreased by 50 bps (0.5%) due increase in raw material costs and selling expenses. Net profits grew only by 7.3% YoY due to a huge increase in the tax outgo and higher depreciation.

Engineering stocks have opened the day on a firm note with Bharat Heavy Electricals Ltd (BHEL) and ABB leading the gains. As per a leading financial daily, state-owned power equipment manufacturer BHEL and Rashtriya Ispat Nigam Ltd (RINL) are set to form a joint venture (JV) for developing a high-end seamless tube mill at Vizag. The shareholding pattern of the JV is not finalised as yet. However, as per Chairman & Managing Director of RINL, since the mill would be located within the premises of RINL's Vizag facility, the government-owned steel producer would have a majority stake. He further mentioned that the mill will have an installed annual production capacity of 4 lakh tonnes seamless tubes. The JV is expected to entail an investment of about Rs 20 bn.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Indian stock market opens firm". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 19, 2018 01:51 PM