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Indian share markets open weak
Tue, 9 Sep 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Indonesia (down 0.6%) and South Korea (down 0.3%) leading the losses. However, markets in Japan (up 0.5%) and Taiwan (up 0.4%) are trading firm. The Indian share markets have opened the day on a muted note. The sectoral indices have opened on a mixed note with metal and IT indices leading the losses. However, oil & gas and power indices are trading firm.

The Sensex today is down by around 19 points (0.1%), while the NSE-Nifty is down by about 7 points (0.1%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.4% respectively. The rupee is currently trading at Rs 60.29 to the US dollar.

Auto stocks have mainly opened the day in the green with TVS Motor Company and Tube Investments leading the gains. As per leading financial daily, leading utility vehicle maker Mahindra & Mahindra (M&M) is gearing up to launch three major offerings in the compact sport utility vehicle (SUV) segment over the next 18-24 months. All the three vehicles will be less than four metres in length. This segment is expected to be a key driver of passenger vehicles sales. M&M currently has limited presence in this space. While M&M still continues to remain the leader in utility vehicle sales in the country, its market share has fallen to 42% at the end of FY14 from around 55% two years ago. The new launches are aimed at reclaiming the market share lost to Ford EcoSport and Renault Duster over this period.

Public sector bank stocks have mainly opened the day on a weak note with UCO Bank and Syndicate Bank leading the losses. However, State Bank of India (SBI) and Canara Bank are trading firm. As per a leading financial daily, India's leading public sector lender SBI and MasterCard announced the launch of a multi-currency foreign travel card. The travel card, which is a prepaid and reloadable card with 24/7 access to balance and transaction history online or via the dedicated customer service centre, will enable consumers to pay conveniently in multiple currencies. Initially, it will be available in four currencies - US dollar, Euro, British Pound (GBP) and Singapore dollar (SGD). Eventually, the card will be available in all major currencies. The card will be available in both retail and corporate variants at identified SBI branches.

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