Asian stock markets have opened the day on a mixed note with the markets in South Korea (down 0.7%) and Singapore (down 0.3%) leading the losses. However, markets in Taiwan (up 0.1%) and Japan up (0.2%) are trading firm. The Indian share markets have opened the day on a flat note. The sectoral indices are trading mixed with consumer durables and IT indices leading the gains. However, the banking and oil and gas indices are trading weak.
Auto sector stocks have opened the day mainly in the green with Hero MotoCorp and TVS Motor Company leading the gains. As per a press release issued by India's leading passenger vehicle maker Maruti Suzuki India Ltd, the company has announced that it will recall of 69,555 diesel vehicles. This will include 55,938 units of Old Dzire, 12,486 units of Old Swift and 1,131 units of Ritz that were manufactured between March 8, 2010 and August 11, 2013. The company will inspect and repair the wiring harness fitment of these vehicles. Maruti's dealers will contact owners of all the affected vehicles and provide the necessary inspection and repair free of cost.
Public sector bank stocks have opened the day on a mixed note with Punjab and Sind Bank and Syndicate Bank leading the gains. However, Bank of Baroda and Bank of India are trading in the red. In a filing with the BSE, leading public sector lender State Bank of India (SBI) has announced a revision in short term deposit rates. For deposit amount below Rs 1 crore the interest rate on short term deposits of duration 7 days to 45 days has been reduced by 100 basis points (1%) from 7% to 6%. This will be effective from 7th October 2014. The interest rates on deposits of all other maturities in the below Rs 1 crore bucket remain unchanged.