The Indian markets have started on a negative note as the benchmark indices opened below the breakeven mark. This is on the back of expectations that job creation in the US will continue to be poor. However, there are signs of a positive movement towards the dotted line since then. Asia is currently trading in the red with Hong Kong (down 1.3%) leading the pack of losers. The US markets closed 0.8% lower yesterday.
Currently, in India, heavyweights from the BSE-Sensex are trading a mixed bag with software stocks leading the pack of gainers. However, select auto and banking majors are in the red. The BSE-Sensex is trading lower by 33 points, while the NSE-Nifty is down by 15 points. However, buying interest is being witnessed among mid and small-cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.3% and 0.5% respectively. The rupee is trading at 46.22 to the US dollar.
Auto stocks have opened the day on a weak note. Losers here include Eicher Motor and Maruti Suzuki. As per a leading business daily, India's largest passenger car maker Maruti Suzuki is developing a brand new small car. In fact, it will be showcased as a concept car as early as next month in the upcoming Auto Expo. The company is apparently working on two small car projects based on existing platforms. One of them will be the next generation WagonR, while the other will replace the M800 after it is phased out due to Bhart 4 emission norms. It may be noted that the company has eight platforms which it plans to bring down to three – Alto, WagonR and Estilo. In our view, this development indicates the measures being taken by Maruti to hold on to its 50% market share of India's passenger car market which is set to reach 3 m units per annum in five years.
Software stocks have opened the day on a mixed note. Gainers here include Mphasis and HCL Infosys. As per a leading business daily, IT major Wipro plans to hire around 8,500 employees in FY10. The company also plans to start the process early next year to fill the requirements of FY11. About 60% of the recruits will be freshers and will include non engineering graduates who will be groomed by the company. In our view, recruitment by Indian IT majors will start gathering momentum once the IT budgets of their clients are finalised. With the economic outlook looking much better this year, better budgets for IT spending overseas is likely to translate into more jobs in India.
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GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.
GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).
STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).
JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..
JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .
BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.
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