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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets will remain closed on 1st May, 2017 on account of Maharashtra Day.

Indian Indices Open Weak
Tue, 15 Mar 09:30 am

Major Asian stock markets have opened the day on a negative note. The stock market in China and Taiwan are trading lower by 1.1% and 1.2% respectively. Major indices in Europe and US ended their previous session in green with stock markets in Germany ending the day higher by 1.6%. The rupee is trading at 67.02 per US$.

Indian stock markets have too opened the day on a negative note. The BSE Sensex is trading lower by 92 points (down 0.4%) and NSE Nifty is trading lower by 31 point (down 0.4%). BSE Mid Cap is trading lower by 0.1%. Whereas, BSE Small Cap is trading higher by 0.2%. Major sectoral indices have opened the day on a mixed note with stock from pharmaceutical and telecommunication sector witnessing selling pressure. However, the stocks from information technology sector is witnessing buying interest.

As per an article in Livemint, Mahindra & Mahindra (M&M) is aiming to enter in the business of farm equipment rentals. The company plans to open up a venture named 'Trringo'.

This venture will offer a digital platform and connect those who are looking to hire tractors with those willing to rent their self-owned machines. A location based mapping system will be installed which will help to bring the two parties together and route them to the closest franchisee. The concept is similar to that of Ola and Uber. Further, it will operate on a franchisee-based model.

Reportedly, M&M will set up this venture as a startup and will invest a sum of Rs 100 million. The model will generate revenues from royalty paid by franchisee and a commission fee on each tractor let out by the franchise. The market size of the tractor hiring market is pegged at a sum of Rs 150 billion. It's one of several startups that the company plans to launch, as it seeks to tap the burgeoning e-commerce space.

In another news update, ICICI Bank raised a sum of US$ 700 million by selling dollar denominated bonds. The bank agreed to pay an extra 210 basis points for its 10 year bonds over similar-dated US Treasuries. As bond yields and interest rates move in the same direction, a reduction in the interest rates also leads to a reduction in the bond yields. Lower bond yields leads to lower returns on the savings made.

The European Central Bank's has cut its key policy rate to zero. This was followed by the Bank of Japan's move towards negative interest rates in the month of February. All these have rekindled the demand for riskier emerging market assets.

Further, the fall in bond yields in Europe and US has also helped improved the sentiments. For instance, the yield on the 10-year benchmark US Treasury note has dropped by 0.28% since 1 January, while German bund yields fell by 0.37% during the same period. However, with divergent monetary policies across central banks, debt markets are expected to be choppy going forward.

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Apr 28, 2017 (Close)

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