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Markets down on weak Asian cues
Wed, 16 Nov 09:30 am

Asian stock markets have opened the day on a weak note with stock markets in Hong Kong (down 2.2%), China (down 1.7%) and Taiwan (down 1.1%) leading the losses. The Indian stock markets have also opened the day on a weak note. Stocks in the capital goods, metal and banking space are leading the losses. However, consumer durables and technology stocks are trading firm.

The BSE-Sensex is trading lower by 111 points (0.7%), while the NSE-Nifty is down by around 36 points (0.7%). Mid cap and small cap stocks are also trading in the red, with the BSE Mid Cap and BSE Small Cap indices down by 0.4% and 0.3% respectively. The rupee is trading at 50.92 to the US dollar.

Auto stocks have opened the day on a weak note with Hero MotoCorp and Bajaj Auto leading the losses. Tata Motors has announced that its global sales have increased by 10% year-on-year (YoY) in October 2011 to 95,789 units. Sales of luxury brands from Jaguar Land Rover were higher by 39% YoY to 26,158 units during the period. Sales of luxury sedans of Jaguar brand rose by 63% YoY in October to 5,231 units. The sales of Land Rover witnessed a rise of 34% YoY to 20,927 units. Total passenger vehicles sales stood at 52,605 units in October 2011, a 14% YoY rise. On the other hand, commercial vehicles sales were up by 6% YoY to 43,184 units. The Tata Motors Group's global sales include Tata, Tata Daewoo and Hispano Carrocera range of commercial vehicles, Tata passenger vehicles, along with the distributed brands in India, Jaguar and Land Rover.

FMCG stocks have opened the day on a mixed note with Emami Ltd and Hindustan Unilever Ltd leading the gains. However, Gillette India and Marico Ltd are trading in the red. In the next few months, Godrej Consumer Products Ltd (GCPL) is planning to initiate further price hikes on some products across all segments. The reason for the same is escalating input costs which have dented profitability. High oil prices and adverse foreign exchange movements in recent times have been affecting the company's business. In the recent past, GCPL had increased prices of products primarily in the soaps and insecticides segment. The company mainly targets the mass market. However, it is now gearing up to increase its reach to the urban market as well. As such, it is looking at 'premiumisation' of its product categories.

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