The major Asian stock markets have opened the day on a negative note with markets in Hong Kong (down 1.12%) and Japan (down 0.8%) bearing the maximum burnt. Further stock markets in US and Europe also closed on a weak note. In commodity markets, Gold is trading up by 0.3% at 26,795 per 10 grams while Crude oil and Silver are trading marginally down by 0.3% and 0.4% respectively.
Most of the stocks in the automobile sector have opened the day on a negative note. As per a leading financial daily, Hero Motocorp has tied up with Punjab National Bank (PNB) to sell products through easy financing schemes. From this, buyers of Hero two-wheelers can avail finance for up to 90% of the price. This finance would be at the lowest base rate of 12.5% with a maximum repayment period of five years. Rural markets of the company account for 46% of the sales and are currently facing a slowing demand. For this the company assumes critical importance to increase share in the market and has been taking various steps in these lines. Loan fairs and exchange camps are also held by the company's dealers on a regular basis in up-country and rural markets to push sales.
Stocks in the energy sector are trading on a mixed note. As per a leading financial times, Cairn India and Vedanta are a step closer for their merger deal. This merger would help Vedanta become a major player in global markets and compete with companies such as Rio Tinto and BHP Billiton. Meanwhile, for the year ended March 2015, Vedanta and Cairn India took a hit on their bottom lines which was due to the impairment charges that Cairn had to bear on account of falling oil prices. Stock of Cairn India has opened the day on a negative note and is trading down by 4.5%.