Indian Indices Open Marginally Lower; Oil & Gas and Metal Stocks Witness Selling

Thu, 3 Jan 09:30 am

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Asian shares are trading on a negative note today. The Nikkei 225 is down 0.3% while the Hang Seng is down 0.3%. The Shanghai Composite is trading flat.

Back home, India share markets opened the day marginally lower. The BSE Sensex is trading down by 52 points (down 0.2%) while the NSE Nifty is trading down by 19 points (down 0.2%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading flat.

Sectoral indices have opened the day on a mixed note with and witnessing maximum selling pressure.

The rupee is trading at 70.44 to the US dollar.

In the news from the banking space, market participants will be tracking Bank of Baroda (BoB), Vijaya Bank share price, and Dena Bank share price today.

This comes as the Union Cabinet yesterday approved the merger of these banks which will create India's second largest public-sector lender.

It also cleared amendments to the Trade Union Act which seek to allow the central government to recognise trade unions.

Tata Power share price will be in focus today as MERC has allowed BEST to extend its existing Power Purchase Agreement (PPA) with the Company for 676.69 MW, supplied from its Trombay Thermal and hydro plants. This is for a period of five years from 1st April 2019 to 31st March 2024.

Indian share markets witnessed selling pressure yesterday on the back of weak China manufacturing. Data released signaled slowing growth in the world's second largest economy and weighed on sentiment across markets in Asia.

Results showed that factory activity in China contracted for the first time in 19 months in December. This was seen amid a trade dispute with the US.

Going by the numbers, the Caixin/Markit Manufacturing Purchasing Managers' index (PMI) fell to 49.7 in December from 50.2 in November.

Market participants will be taking cues from the above reading. How this affects other stock markets remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of Chinese data, note that the FDI into India exceeded that into China in 2018.

That is a testament of the fact that India's foreign investment policies and business environment are finally competing with that of its Oriental neighbour.

The biggest deal that drove FDI flows to India this year is Walmart's US$ 16 billion buyout of Flipkart.

Apart from ecommerce and the digital payments boom, the new bankruptcy framework is also attracting foreign investors with deep pockets.

2018: The Year When India Beat China in FDI

India aims to receive US$ 100 billion in foreign direct investment (FDI) in the next two to three years.

Special industrial clusters are being created for countries like Japan, South Korea, China, and Russia where their companies can invest and operate.

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