The major Asian stock markets have opened the day on a mixed note. Stock markets in Japan and China are up 1% and 0.8% respectively. However stock markets in Singapore are down 0.7%. The European stock market ended their previous session on an encouraging note. However the stock market in US ended their previous session down by 0.4%.The rupee is trading at 66.27 per US dollar.
Back home, Indian stock markets have opened the day on a quite disappointing note. BSE Sensex is trading down by 270 points (down 1%) and NSE-Nifty is trading down by 82 points (down 1.04%). Both mid cap and small cap stocks are witnessing selling pressure with BSE Mid Cap and BSE Small Cap are trading down by 0.9%. The sectoral indices have too opened the day in red with stocks from automobile and capital goods sector being the top losers.
Major stocks in the automobile sector have opened their day on a weak note. As per an article in a leading financial daily, Eicher Motors is planning to expand its business in the Indonesian market. Reportedly, the company is likely to commence its retail operations in the coming months. The company has set up an exclusive dealership in partnership with PT Distributor Motor Indonesia which will sell the 'Royal Enfield' bikes. Indonesia is the third largest two-wheeler market in the world. The head of International Business of the company stated that they will build their presence from Jakarta and will expand to other cities depending on the response from the same. In 2014, Royal Enfield sold more than 3,00,000 motorcycles globally. Stock of Eicher Motors is trading marginally down by 0.05%
Stocks in the FMCG sector have opened their day on a negative note. As per an article in Business Standard, Nestle India has released new 'miss-you Maggi' ads on social media. Since the ban of Maggi by the Food Safety and Standards Authority of India (FSSAI) this is the first time that the company has released an ad pertaining to the brand. The under-one-minute films titled 'Menu Cards, Mom and Neighbours' speak of how much Maggi is missed and how it acted as a crucial snack at any time of the day or night. According to a Nestle India spokesperson, the company is making efforts to get Maggi noodles back on the shelves.