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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets open firm 
(Mon, 5 Aug 09:30 am) 
 
The major Asian stock markets have opened mixed with stock markets in Indonesia (up 0.4%) and Taiwan (up 0.3%) leading the gains. However, the stock markets in Singapore (down 0.6%) and Japan (down 0.8%) have opened in the red. The Indian stock markets indices have also opened the day on a firm note. The sectoral indices have opened mixed with stocks in the consumer durables and auto sectors leading the gains. However, stocks in the power and capital goods sectors were leading the losses.

The Sensex today is up by around 64 points (0.3%), while the NSE-Nifty is up by around 3 points (0.1%). Mid cap stocks have opened in the red with the BSE Mid Cap index down by around 0.2%. However, the small cap stocks have opened in the green with the BSE Small Cap index up by around 0.3%. The rupee is trading at Rs 60.91 to the US dollar.

Engineering stocks have opened mainly in the red with Bharat Heavy Electricals Ltd (BHEL) and Bharat Bijlee leading the losses. BHEL has announced results for the first quarter ending June 2013 (1QFY14). The company has reported around 24% year on year (YoY) decline in the net sales. On a quarter on quarter (QoQ) basis, the net sales have declined by around 66% QoQ. The slowdown has mainly been account of sluggish prospects in the domestic power sector. Besides, cheap imports of power equipment have adversely impacted the company. BHEL's order book at the end of the quarter stood at around Rs 1,086 bn, down 19% YoY (down by around 6% QoQ). The net profit for the quarter declined by 50% YoY. This was despite a decline in the 16.5% YoY decline in the total expenses.

Mining stocks have opened the day on a mixed note with Hindustan Zinc and Sesa Goa Ltd leading the gains. However, Metals and Minerals Trading Corporation of India (MMTC) and Ashapura Minechem Ltd were facing losses. Coal India Ltd has announced results for the first quarter ending June 2013 (1QFY14). The net sales for the quarter were almost flat at Rs 165 bn. The company produced around 102.89 million tonnes of coal in the quarter (versus 102.47 MT in 1QFY13). While shipments grew by 2.05% YoY, they were below the target. For the first time in five quarters, the company reported a decline in the quarterly net profit. The net profits for the quarter declined by 16.5% YoY. This was mainly on account of lower e-auction realisations, higher wages and costlier diesel. The growth for the company has slowed down for years due to delays in environmental and regulatory approvals for mining projects. The management expects to achieve production targets of 5.8% YoY for the year and benefit in the near future from a price hike in end May 2013. As of now, the company is not contemplating a price hike.

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