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Indian stock markets open weak
Tue, 17 Sep 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in China (down 0.9%) and South Korea (down 0.5%) leading the losses. However, the stock markets in Singapore (up 0.3%) and Japan (up 0.1%) have opened on a firm note. The Indian equity markets indices have opened the day on a weak note. Barring healthcare, software and consumer durables, all sectoral indices have opened in the red with stocks in the banking and capital goods leading the losses.

The Sensex today is down by around 55 points (0.3%), while the NSE-Nifty is down by around 17 points (0.3%). Midcap stocks have opened in the red as well with the BSE Mid Cap index down by around 0.1%. However, small cap stocks have opened in the green with the BSE Small Cap index up by around 0.1%. The rupee is trading at Rs 63.43 to the US dollar.

FMCG stocks have opened the day on a mixed note with Jyothi Consumer Products Ltd and Dabur Ltd leading the gains. However, Archies Ltd and P&G Hygiene Ltd were facing selling pressure. As per a leading financial daily, ITC plans to double its revenues from non-cigarette business segment over the next five years. The company's non-cigarette business includes branded packaged food, personal care, lifestyle apparel, education and stationery, incense sticks and safety matches. Currently, the cigarette business contributes to 58% to the topline while the rest 42% comes from non cigarette segment. It is important to note here that the company's non-cigarette business is witnessing a growth at a faster rate than the core cigarette business. As per the management, some new launches are already in the pipeline. The management has suggested that the new FMCG (fast moving consumer goods) segment is targeting a turnover of Rs 150 bn by FY18 (versus Rs 70 bn revenue in FY13).

PSU Bank stocks have opened the day mainly in the red with Bank of Baroda and IDBI Bank leading the losses. However, Bank of Maharashtra and Indian Bank have opened in the green. As per a leading financial daily, the country's largest bank State Bank of India (SBI) has requested the Government for a capital infusion of Rs 40 bn in the current financial year in order to shore up its capital. Post infusion, the bank's total capital adequacy ratio will be over 13%, with the core tier-I at 9.8 %. The bank's capital adequacy ratio had stood at 11.85 %, with the core tier-I at 8.82 %, on June 30, 2013. Last year, the bank received a capital infusion of Rs 30 bn from the Government. The money was raised through a preferential allotment of shares to the government, through which the state holding in the bank increased to 62.3 % from 61.6 %. However, for this year, the management has not disclosed the specific details yet.

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Feb 20, 2018 (Close)


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