The major Asian stock markets have opened the session on a mixed note with markets in Hong Kong (down 1.2%) and China (down 3.2%) leading the losses. However, markets in Japan are trading in the green (up 1.3%). US and European stock markets have also closed their session on a negative note. The rupee is trading at 63.34 per US dollar.
According to the core sector data for the month of May, coal sector has performed the best with 7.8% growth on a YoY (year-on-year) basis. This growth was attributed to the largest coal producing company, Coal India Ltd (CIL) which accounts for India's 80% of output. The production data for the company since April has been recording double-digit production growth. In the month of May 2015, CIL produced 40.97 million tonnes (MT), registering a growth of 11.8% YoY (year on year) while in June it was registered at 12% YoY. Coal India has begun financial year 2015-16 on a strong note registering a 12% growth output at 121.33 MT in the first quarter and meeting 99% of its target. Stock of Coal India has opened the day on a positive note.
Stocks in the banking sector have opened the day on a positive note. As per financial times, Union Bank is set to launch 100 digital branches this year. These unmanned branches will serve more convenience to customers, reduce the cost of the bank and provide additional security while transacting. Apart from digital branches, the bank will soon be launching NFC (near field communication) enabled contactless debit cards, mobile wallets and mobile passbooks. With this, the bank expects more transactions to go through via the digital platform. However apart from the digital medium the bank has been overall growing its focus on alternative channels like ATMs and recycler ATMs as well. According to the Reserve Bank of India (RBI) data for Union Bank, at the end of April, transactions worth Rs 1.2 bn were carried out on the mobile platform as against 0.3 bn a year ago.