Barring Singapore (down 0.4%) and Korea (down 0.07%), all major Asian stock markets have opened the day on a firm note with stock markets in Taiwan (up 0.8%) and China (up 0.5%) leading the gains. The Indian share markets have opened the day on a firm note. Majority of sectoral indices are trading firm, with stocks from metal and power sector leading the pack of gainers
Recently, the government had come out with Jan Dhan Yojana. The basic idea of the government is to provide every household with a bank account and insurance cover. This will further lay ground to offer various banking and pension products to the poor and marginalized. As per the financial daily, banks have opened about 2.14 crore saving accounts since its inception on August 28, 2014. As per the finance minister Arun Jaitley, the target of opening 7.5 crore accounts would be achieved before January 26, 2015. While this development looks quite positive, read our 5 Minute WrapUp - How to benefit from this Mega trend starting 28th Aug where we have discussed about this in detail and how this can benefit India.
Majority of Software companies stocks have mainly opened the day on a firm note with Moser Baer India and Mphasis leading the gains. As per a leading financial daily, India's big IT firms viz Infosys and TCS have put in an application for the upcoming bank Bandhan. Bandhan is the country's largest micro-finance institution and is expected to start banking operations by September 2015. The institution is headquartered in Kolkata. Five leading IT companies have filed applications for developing core banking solutions (CBS) software. The outcome of the contract for setting up of CBS will be out in around next 15 days. The size of this contract is still not decided.