The major Asian stock markets have opened the session on a mixed note with markets in Hong Kong (up 0.12%) and China (down 0.21%). US and European stock markets closed their session in green yesterday. The rupee is trading at 63.86 per US dollar.
Indian stock markets have too opened on an encouraging note, owing to positive trend across global markets. Investors are awaiting the policy decision from the US Federal Reserve. BSE Sensex is trading up by 75 points (up 0.27%) and NSE-Nifty is trading up by 22 points (up 0.0.26%). Both mid cap and small cap have opened on a strong. BSE Mid Cap is trading up by 0.63% while BSE Small Cap index is trading up by 0.46%. Sectoral indices are trading mixed with stocks in Automobile sector witnessing buying interest.
Stocks in the automobile space have opened on a positive note. Maruti Suzuki reported its quarterly result yesterday. Net sales grew 18.1% to 130bn from a year earlier period. Net profit rose 56.5% on higher sales and lower input cost. Net Profit rose to 11.93bn for the quarter ended 30th June from 7.62bn in the year earlier. The performance was boosted by higher demand for cars, cost reduction measures and a weaker yen that made imports of car parts cheaper. Stock of Maruti Suzuki have opened in green with marginal gains
Banking stocks have opened the day on a mixed note. As per an article in Business Standard Punjab National Bank (PNB), the country's fourth-largest public sector bank (PSB) by assets, has an exposure of $4 bn portfolio of steel loans which are stressed. In line with RBI'S proposal, the bank is considering to take charge of some companies over the next two years, changing their management and then selling stakes in it. It plans to sell non-performing assets (NPA) worth Rs 26-30bn to asset restructuring companies (ARC) in the current financial year. Reportedly, the bank has mentioned there are around 400 'willful' defaulters