The major Asian stock markets have opened the day on a negative note with stock markets in Japan (down 1.7%) and Hong Kong (down 0.9%) being the major losers. The Indian share markets have opened the day in the red. Majority of the sectoral indices, barring consumer durables and banking, have opened in the negative zone with IT and metal being the biggest losers.
As per a leading financial daily, the Union Cabinet has given a green signal for urban renewal. The clearance has been given to develop 100 smart cities and rejuvenate 500 cities and towns with a population of one lakh and above. Out of the total of Rs 1 trillion allocated for a period of five years, Rs 480 bn are for the 100 smart cities also known as Smart Cities Mission whereas Rs 500 bn have been sanctioned for Atal Mission for Rejuvenation and Urban Transformation (Amrut) for 500 cities. As per the rejuvenation plan, each city would get Rs 1 bn from the Centre for five years while the balance will be funded by states, urban bodies and the consortium formed with corporate entities.
Majority of the energy stocks are trading in the red with Oil India and GAIL being the major losers. As per a leading financial daily, ONGC has recorded a marginal rise in output to 22.26 m tonnes in FY15. The company had posted an output of 22.24 m tonnes in FY14. On a positive note, the continuous decline in the company's output has been arrested in FY15. During the year, the production from the company's Western Offshore fields slowed down, registering a rise of 7.5% to 14.7 m tonnes. ONGC stock is presently trading down by 0.4%.