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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open firm 
(Tue, 19 Nov 09:30 am) 
 
The major Asian stock markets have opened the day on a mixed note with Japan (down 0.6%) and Indonesia (down 0.5%) leading losses. However, the stock markets in Malaysia (up 0.9%) and South Korea (up 0.9%) were trading in the green. The Indian share market indices have opened the day on a positive note as well. The sectoral indices have opened on a mixed note with the stocks in the metal and energy space leading the gains. However, the stocks in the auto and software space were leading the losses.

The Sensex today is up by around 35 points (0.2%), while the NSE-Nifty is up by around 12 points (0.2%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% and 0.2% respectively. The rupee is currently trading at Rs 62.22 to the US dollar.

Auto stocks have opened the day mainly in the red with Force Motors Ltd and Tata Motors Ltd leading the losses. As per a leading financial daily, Mahindra and Mahindra Ltd (M&M) is gearing up to launch a range of heavy duty commercial vehicles (HCVs) to strengthen its product portfolio over the next couple of months. These vehicles would be produced at its Chakan facility, near Pune. The management has stated that the firm is planning to introduce 25 tonne GVW (gross vehicle weight) with 9 speed gear box tipper, 40 tonne tractor trailer with 6 speed gear box for short haulage applications and 49 tonne tractor trailers. These vehicles currently are undergoing extensive pilot testing under various terrain conditions in the country. The company is investing a total of Rs 5 bn over three years to refresh the existing brands and develop new products both for the domestic and overseas markets. Besides, the company also has plans to enter into intermediary commercial vehicles (LCV) and medium commercial vehicles (MCV) space.

Energy stocks have opened the day on a mixed note with Gujarat State Petronet Ltd (GSPL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) leading the gains. However, Bharat Petroleum Corporation Ltd (BPCL) and Jindal Drill Ltd were facing selling pressure. As per a leading financial daily, the Central Government has issued guidelines to the GAIL (India) Ltd to supply gas across the country at uniform rate by the end of this month (November 2013). However an exception will be made in case of poll bound states where the order will become effective after election process gets over. The move follows the Gujarat High Court directive of supplying compressed natural gas (CNG) to Gujarat at the same rate as Mumbai and Delhi. GAIL (India) Ltd has been asked by Ministry of Petroleum and Natural Gas (MoPNG) to finalize the modalities of natural gas supply to all city gas distributors (CGDs). The supply will be without discrimination between state companies and private ones, at the base rate and reduce prices by November 30. The Central Government guideline states that the ratio of supply of domestic gas vis-a-vis RLNG (regasified liquid natural gas) for use in CNG (transport) and piped natural gas (PNG) segments be kept uniform for all CGD entities. However, the delivered price of domestic gas may differ on account of transport charges and local taxes and duties. The current allocation of domestic gas for all CGD entities will be cancelled or withdrawn except in case of Tripura Natural Gas Company Limited and Assam Gas Company Limited. Further, as per the guideline, GAIL must ensure to allot 6.4 million standard cubic metres per day (mmscmd) of domestic gas to supply to CGDs. This will include Administered Price Mechanism (APM) supplies of 5.21 mmscmd and further supply of 0.72 mmscmd by imposing cuts on all APM and PMT (Panna Mukta Tapti) customers in non-priority sectors. If the requirement is greater, CGDs will have to source through RLNG or other options.

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