The Indian markets have opened the week in the red amid weak global cues as Greece voted against accepting further spending cuts and tax increases in an unprecedented referendum. The Sensex today is down by around 250 points (down 0.9%) and the NSE-Nifty is down by around 70 points (down 0.8%). Both Mid cap as well as the small Cap stocks are also trading in the red with the S&P BSE Midcap and S&P BSE Smallcap indices down by around 1% each. Losses were largely seen in consumer durables, metals and banking stocks.
The Asian markets have made mostly a lower start, with many of the indices trading lower by around a percent. However, the Chinese market bucking the global trends was trading higher after posting their biggest three-week slump since 1992. The Indian rupee has opened lower at 63.39 per dollar.
According to a leading financial daily, Maruti Suzuki is establishing a new setup of retail outlets under Nexa brand to sell premium products starting with its upcoming S-Cross model in its bid to crack the big vehicle segment. The company that has set a target of selling two million units annually by 2020 with around 25 models and expects the Nexa network to contribute a significant amount to its sales. The company will reportedly open 100 dealerships in 30 cities by the end of ongoing fiscal year. Its different dealerships have hired 700 people from other sectors like hospitality, aviation and financial services to offer a differentiated luxury car buying experience for its customers.
Stocks in power sector languished in the red in the opening trade with CESC Ltd and JSW Energy bearing most of the brunt. According to a leading financial daily, NTPC -Simhadri thermal power unit at Parawada in Visakhapatnam district is planning to expand its capacity from 2,000 MW to 3,600 MW. The company plans to add two more units of 800 MW apiece. The project would involve an investment of Rs. 50 m to Rs. 60 m for each megawatt. It will be developed with ultra super critical technology with higher efficiency and less coal consumption and emissions. NTPC is also in talks with Rashtriya Ispat Nigam Ltd, the Visakhapatnam steel plant, for a joint venture to set up a 250x2 MW power plant on the land belonging to the latter in the city at Ukkunagaram. Moreover, NTPC-Simhadri had also decided to set up 20 MW solar energy power plants within the compound.