Sensex Opens On A Strong Note; Energy & Metal Stocks Rally -

Sensex Opens On A Strong Note; Energy & Metal Stocks Rally

Oct 23, 2017Jeremy ParkinsonFinance0

Asian stock markets are trading mixed in morning trade. The Nikkei 225 is up by 1% as the dollar spiked to more than three-month highs against the yen following a snap election in Japan. Meanwhile, the Hang Seng and Shanghai Composite are trading in red. US stocks closed higher last week after the Senate took a step toward achieving tax reform.

Meanwhile, Indian share markets have opened the day on a firm note. BSE-Sensex is trading higher by 215 points and NSE-Nifty is trading higher by 62 points. S&P BSE Mid Cap is trading up by 0.3% and S&P BSE Small Cap is trading up by 0.5%.

Gains are largely seen in energy stocks and metal stocks. The rupee is trading at Rs 65.07 against the US$.

As per an article in The Livemint, Maruti Suzuki India has become the largest passenger vehicles exporter from India in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd.

In the April-September period this fiscal, Maruti Suzuki India exported 57,300 units of passenger vehicles (PVs) as against 54,008 units in the year-ago period, up 6%.

Meanwhile, for the first time ever, revenues of Maruti Suzuki surged past those of its parent’s local business. This was due to the strengthened hold of the Indian company over the market, and underpinning its importance for its Japanese parent Suzuki Motor Corporation.

Maruti Suzuki’s net revenues stood at Rs 669.09 billion last year as against Rs 600.47 billion (standalone) net sales posted by Suzuki Motor Corporation during the same year.

This year so far, Maruti Suzuki beat the industry’s growth with 17% increase in volumes at 822,000 during the April-September period as compared to the same period last year. The industry so far during the same period posted a growth of 9% at 1.1 million units.

Maruti Suzuki share price opened the trading week up by 0.6%.

S&P BSE Auto index is the best performing sectoral index since the global financial crisis. Auto index has surged by a mammoth 823% since November 2008. This is way ahead as compared to the benchmark index returns of 230% during the same period.