Major Asian stock markets have opened the day in green with Indonesia market (up 0.6%) and Singapore market (up 0.6%), leading the gainers. The Indian markets have opened weak. Among the sectoral indices, stocks from FMCG and IT are witnessing maximum selling pressures. However, metal and capital goods stocks are trading on a firm footing.
BSE-Sensex is currently trading lower by about 16 points (down 0.05%), while the NSE-Nifty is lower by about 17 points (down 0.19%). The BSE Mid Cap has opened the day in green, up by 0.27% and BSE Small Cap has opened firm, up by 0.32%. The rupee was trading at Rs 62.23 to the dollar.
Majority of the steel stocks are trading in the red with Jindal Saw Ltd and Bhushan Steel being the major losers. However, Jindal steel and Tata Steel are among the few stocks trading in the green. As per a leading financial daily, Tata Steel has entered into a contract to supply rails for the Crossrail project in London. The company will supply the project with more than 57 kms of heat treated and water resistant rail for which 7,000 tonnes of steel rail will be used. The premium heat treated rail is manufactured using a patented process that ensures higher wear resistance. The steel will be manufactured at Tata Steel's Scunthrope site in UK and at rolled out at company's Hayange mill in northern France. Tata Steel stock is trading up 0.8%.
Most of the IT stocks are trading down with Moser Baer and Mphasis being the major losers. NIIT and HCL Infosys are among the few stocks trading positive. As per a leading financial daily, Tata Consultancy Services (TCS) is the fastest growing brand globally in the last five years according to a study by a brand valuation entity, Brand Finance based out in London. During 2010-2015, TCS incraesed its brand value from $2.3 bn to $8.7 bn and also retained its highest brand strength rating of AA+. TCS stock is presently trading down 0.7%.