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Indian share markets open weak
Fri, 13 Dec 09:30 am

Asian stock markets have opened the day on a mixed note with Indonesia (down 0.5%) and South Korea (down 0.4%) leading the losers. However, markets in Japan (up 1%) and Malaysia (up 0.5%) are trading firm. The Indian share market indices have opened the day on a negative note. Stocks in the power, banking and capital goods space are leading the losses.

The BSE-Sensex today is down by around 131 points (0.6%), while the NSE-Nifty is down by around 42 point (0.7%). Mid cap stocks have also opened in the red with the BSE Mid Cap index down by around 0.2%. However, the BSE Small Cap stocks have opened on a flat note. The rupee is currently trading at Rs 61.81 to the US dollar.

Mining stocks have opened the day on a mixed note with Moil Ltd, Sesa Sterlite and Gujarat NRE Coke leading the losses. As per a leading financial daily, state-run coal mining giant Coal India Ltd (CIL) is likely to miss its coal production target of 482 million tonnes by 7 million tonnes during the current financial year 2013-14 (FY14). The reason for the shortfall has been attributed to various procedural delays including those relating to forest and environment clearances. However, CIL is confident of achieving is offtake target of 493 million tonnes for the fiscal. It must be noted that production means the actual coal mined and offtake means supplies made to customers.

Auto stocks have opened the day on a weak note with Ashok Leyland, Escorts and Bajaj Auto leading the losses. As per a leading financial daily, India's leading utility vehicle maker Mahindra and Mahindra (M&M) is planning to increase prices of its passenger and commercial vehicles by up to 2% from January 2014. The increase would be made effective from January 01, 2014. The price hike has been announced to partly offset increasing input and freight costs. Other major auto players such as Tata Motors, Maruti Suzuki, Hyundai, Nissan, Renault, Mercedes, BMW, Audi and Honda have also announced price increases starting next month.

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