The major Asian stock markets have opened the day on a mixed note with Singapore market (up 0.53%) and China market (up 0.68%) leading the gainers. However stock markets in Japan are (down 0.36%). US stock markets closed their session in red while major stock markets in Europe closed in green. The rupee is trading at 65.17 per US dollar.
Major stocks in the automobile space have opened their day in green. As per an article in Business Standard Indian Rating and Research (Ind-Ra) has revised its FY16 sales volume expectation. For passenger vehicles the agency expects growth to increase by 4-7% from earlier expectation of 2-5%. While that for light commercial vehicles, the growth is expected to decline by 5-8%. The rating agency has further revised motorcycles outlook to flat growth. The company stated that while demand of certain segments such as passenger vehicles and Medium & Heavy Commercial Vehicles (MHCVs) have exhibited better than expected trends in last six month the sustainability is yet to be established. The demand from two wheeler segment continues to see contraction due to weak demand from the rural market.
Stocks in the FMCG sector have opened their day on a negative note. As per an article in economic times, the Bombay High Court has struck down the ban on Maggi noodles. However the noodles would not be back on the shelves till the time Nestle India submits samples of five variants tested at accredited laboratories. The samples have to be tested at laboratories in Hyderabad, Mohali and Jaipur to check the lead content. The court ruled that the Food Safety and Standard Authority of Inida (FSSAI) had not given the company enough opportunity to present its case and was a violation of natural justice. FSSAI is considering an appeal against the ruling in the Supreme Court. Stock of Nestle India is trading down by 0.42%.