Indian markets have opened the trading session in red for the third time this week amid week global cues. BSE Sensex is trading lower by 140 points (down 0.6%) while NSE-Nifty has opened the day lower by 70 points (down 0.7%). BSE Mid Cap and BSE Small Cap have also opened the day on a weak note, with both the indices trading down by 0.6% each. Stocks from Auto and IT space witnessed majority of the selling activity.
Asian equity markets traded mixed early Wednesday, following an unimpressive lead from Wall Street overnight. The US major indexes finished 1% lower. The Indian rupee has breached 64 levels in opening trade, down 7 paise to 64.05 a dollar from 63.98 in the previous session.
Banking stocks have opened the day on a negative note. According to a leading financial daily, State-run Corporation Bank has announced that it cut the base rate or minimum lending rate by 25 bps. Accordingly, the new base rate stands at 10%. The new proposed rate will be effective from 1st June 2015 onwards. This step is much in line with the other banking players. During the month, many banks including Punjab National Bank, Bank of Baroda, and IDBI Bank reduced base rate by 0.25% to 10%. State Bank of India, the country's largest lender, had reduced its base rate by 0.15% to 9.85%.
According to a leading financial daily, Crompton Greaves, an Avantha Group company, has entered into an supply agreement with Energias de Portugal (EDP) for the supply of Data Concentrator Units (DCUs) . The order would be serviced by Crompton Greaves' subsidiary in Spain, ZIV. EDP is a major European operator in the energy sector and has more than 6 million clients and 220,000 km network. The company has formulated a considerable growth in the smart grid segment with ZIV solutions, especially after a successful year with key wins from European Utilities such as Iberbrola, Gas Natural Fenosa in Spain, EDP in Portugal and ERDF in France, as well as a strategic win in Saudi Arabia that will open the door to a promising market growth in this financial year.