The major Asian stock markets have opened the day on a dismal note with market in China (down 3.2%) and Hong kong (down 2.4%) are the leading losers. The European and US stock market ended their trading session in red. The rupee is trading at 65.72 per US dollar.
Indian stock markets have also opened deep in red amidst negative sentiments in the global markets. BSE-Sensex is trading down by 380 points (down 1.4%) and NSE-Nifty is trading down by 120 points (down 1.4%). The stocks in mid cap and small cap have plunged further. S&P BSE Midcap is trading down by 1.6% and S&P BSE Smallcap is trading down by 1.8%. Sectoral indices have opened the day on a negative note with stocks from automobile, capital goods and banking sector witnessing the maximum selling pressure. However stocks in the information technology space are witnessing buying interest
Major stocks in the banking sector have opened their day in red. As per an article in a leading financial daily, State Bank of India will launch 250 digital branches across the country. These branches will be set up largely in the urban cities where the young population who are digital savvy resides. Some of these digital branches will continue to have one or two bank representatives. The digital branches would be smaller in size so at to breakeven in a short period. At some places they are just looking to set up a kiosk as they stated that for digital branches they would not need large space. Stock of SBI is trading down by 3.31%.
Stocks in the capital goods sector have opened their day on a negative note. As per an article in Livemint, Larsen and Tourbo have scrapped a plan to develop a new port in Kacchigadh. The site was near the temple town of Dwarka in Gujarat. This step came due to environmental reasons seemed to pose issues on this project. L&T had appointed the Gujarat Ecology Commission to carry out environmental studies and found that the place was full of corals and mangroves. Gujarat Maritime Board has approved L&T's request to scrap the project and has forwarded it to the state government for its final consent. Stock of L&T is trading down by 2.4%