The major Asian stock markets have opened the day on a weak note. Stock markets in Japan and China are trading lower by 1.5% and 1.4% respectively. While the major stock markets in European ended their previous session on an encouraging note. However the benchmark indices in the US closed their previous session down by 1.06%. The rupee is trading at 66.76 per US dollar.
Stocks in the oil & gas sector have opened on a firm note. As per an article in Livemint, Cairn India Ltd is stepping up activities across its four offshore oil & gas assets to take advantage of low exploration costs. As the drop of crude oil prices has also brought down the cost of goods and services especially for high cost offshore assets. Hence to benefit from these low costs, the company has floated tenders to shortlist firms that can offer a host of service to some blocks in eastern and western region. An international competitive bidding process is initiated to provide rigs, ancillary equipment's for oil and gas development and service in support of drilling campaign in all these blocks. Stock of Cairn India is trading down by 2.21%.
Major stocks in the fast moving consumer goods (FMCG) sector have opened their day on a negative note. As per an articles in Economic Times ITC is planning to offer the details in relation to its distribution network for a service fee. The details of distribution network would be sold to startups and smaller FMCG companies. This will create a new revenue stream for the company. ITC is looking to shore up its non-tobacco revenues at a time when cigarette sales are under pressure due to recurrent tax increases. The stock of ITC is trading down by 0.6%.