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Markets slump amid global sell off
Mon, 24 Aug 09:30 am

The Asian stock markets have opened the day on a dismal note with markets in China, Taiwan and Hong Kong down 9.1%, 6.5% and 4.9% respectively. The European and US stock market ended their previous session on a disappointing note. The rupee is trading at 65.83 per US dollar.

Indian stock markets have also opened deep in the red amidst weak global cues. BSE-Sensex is trading down by 850 points (down 3.1%) and NSE-Nifty is trading down by 270 points (down 3.3%). The stocks in mid cap and small cap have plunged further. S&P BSE Midcap and S&P BSE Smallcap is trading down by 3.7% and 3.9% respectively. Sectoral indices have opened the day on a negative note with stocks from automobile, capital goods, metal and telecommunication sector witnessing the highest selling pressure.

Major stocks in the automobile sector have opened the day in red. As per a leading financial daily, Tata Motors has stated that many of the 8500 Jaguar and Land Rover (JLR) vehicles are likely to have been damaged due to the chemical explosion which took place at the 'Tianjin' port in China. The JLR cars had recently been shipped to China and were stored in various locations at the Tianjin port. The company further stated that they are unable to quantify the exact extent of the damage as access to facilities near the site of explosion remains restricted. China is conducting an investigation into what caused the huge explosion at the warehouse storing chemicals at the busy port in northeast China. Stock of Tata Motors is trading down by 5.2%.

Stocks in the FMCG sector have opened their day on a negative note. As per an article in Business Standard, ITC's noodle brand 'Yippee' has found itself in trouble. The Uttar Pradesh Food and Drug Authority (UPFDA) have found excess lead content in the noodles. The UPFDA stated that it will soon file a case regarding the same. It further stated that the sample of noodles tested, have found lead content to be far in excess of the permissible limits. The lead content which should have been below one ppm was found to be 1.057ppm. The samples were sent to the state laboratory at Lucknow and Meerut for testing. Stock of ITC is trading down by 1.6%

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