Asian stock markets are trading with moderate gains as the European markets and the US markets bolstered gains during the end of last week's trading session. The US market's broader index, S&P 500, closed with gains of 0.5% while stock markets in Germany closed last week with gains of 1.7%. While the Japanese stock markeyts traded with minor losses of 0.13%; Chinese, Hong Kong, Taiwan and Korean markets traded with gains of 1.4%, 0.4%, 0.3% and 0.12%, respectively. Chinese economy revealed results regarding imports and exports that were below investor expectations. The imports and exports data YoY declined 12.7% and 15% against expectations of a decline of 11.7% and 12%, respectively.
Indian markets opened on a flattish tone as investors turn their focus towards inflation figures which are set to be revealed. While the BSE Sensex is trading with a loss of 5 points, NSE-Nifty is trading with a loss of 7 points. BSE Mid Cap and BSE Small Cap stocks continue to outperform the markets as midcap stocks gained 0.4% while smallcap stocks gained over 0.7%. Capital goods have gained the maximum while IT stocks have shown maximum weakness.
Precious metals traded with decent gains as gold prices increased 1% while silver prices increased 1.2%. Gold prices, per 10 grams, increased Rs 260 to Rs 26,780 levels while silver prices, per kilogram, gained Rs 430 to Rs 36,700 levels. Crude oil prices gained moderate strength by 0.2% or Rs 5. Per barrel, crude oil is available at Rs 3,220. The value of Indian Rupee against the US Dollar increased slightly by 0.04% or 0.02 and is currently available at Rs 62.34.
The banking sector has been a recipient of various reforms; subject to a bank's individual decisions. The largest bank of the country, the State Bank of India has slashed its home loan rates by 0.25% or 25 basis points. Such a move was executed after HDFC bank slashed its home loan rates by 0.2% or 20 basis points to 9.9%. The applicable rates will be implemented after 13th April. As per the revised EMI rates, EMI applicable over a loan for a period of 30 years, for a woman under HER Ghar, will come to Rs 867 and Rs 871 (for others) compared to Rs 885 and Rs 889 respectively. Shares of HDFC bank lost about 0.5% while SBI bank gained over 0.6%.
Shares of Info Edge limited 3% after the company announced that it would be investing Rs 1.55 bn in online restaurant named Zomato. The invested amount will be utilized to expand Zomato's business. Zomato recently set its foot in the US market by acquiring Urbanspoon for US$60 m in an all-cash deal. It is expanding its operations at a massive pace as it took 6 companies with 6 months under its wings.