Asian stock markets have opened the day on a mixed note. While stock markets in Japan (up 0.6%) and Indonesia (up 0.2%) are trading in the green, markets in Singapore (down 0.2%), China (down 0.1%) and Hong Kong (down 0.1%) are facing selling pressure. The Indian stock markets have opened the day on a weak note. Stocks in the realty and metal space are leading the losses, while IT stocks are in the green.
The BSE-Sensex is trading down by 75 points (0.4%) while the NSE-Nifty is down by around 24 points (0.4%). Mid cap and small cap stocks are trading in the red, with the BSE Mid cap and BSE Small cap indices down by 0.4% and 0.1% respectively. The rupee is trading at Rs 49.92 to the US dollar.
Steel stocks have opened the day on a weak note with Sterlite Industries and Steel Authority of India ltd (SAIL) in the red. Indian steel maker SAIL has exited the proposed joint venture (JV) agreement for setting up a manufacturing unit for electrical steel. The other JV partners included Rashtriya Ispat Nigam Ltd (RINL), Bharat Heavy Electricals (BHEL), Manganse Ore India Limited (MOIL Limited) and Power Grid Corporation. The reason for the exit is however yet not known. SAIL was also a member of a joint technical committee and was also actively participating in discussions regarding the projects. The JV is expected to start in the next 3 months and RINL will have a majority stake. The project cost is estimated to be Rs 30 bn.
Auto Stocks have opened the day on a weak note with Tata Motors (Telco) and Maruti Suzuki in the red. Tata Motors owned Jaguar Land Rover (JLR) is planning to add 1,000 jobs and will move to a 3 shift operation. This change to 3 shifts will ensure 24 hours-a-day operation for the British facility and is aimed to meet the soaring global demand for its cars. The focus on production will be for two of its cars -the Range Rover Evoque and the Freelander 2. After the increasing workforce at its Halewood factory in Merseyside, the production will rise from 3,500 cars and the total for UK will be 21,000. Over the last 18 months, the company has recruited nearly 5,000 people in Britain.