The major Asian equity markets have opened the day on firm note with Japan (up 1.8%) and Hong Kong (up 1.2%), leading the pack of gainers. However, stock markets in China (down 0.5%) have opened in red today. The Indian share markets have too opened the day on a positive note. All the sectoral indices have opened in green, with software and consumer durable stocks being the leading gainers.
Majority of stocks in Pvt Banking sector have opened firm, with DCB and South India bank being the leading gainers. As per the financial daily, ICICI Bank which is one of the largest private lenders in the country, is in process of calibrating its global operations and shrinking its international balance sheet. The bank is selling its subsidiary in Russia, repatriating capital from its UK (United Kingdom) and Canada arms. Reportedly, the uncertain global macroeconomic environment, plus the strict regulations and limited growth opportunities seem to be of high risk. Thus, this seems to have made the bank uninterested in expanding its operations outside India.
Majority of Automobile stocks, have opened the day on a positive note, with Ashok Leyland and Tube Investments being the leading gainers. As per the financial daily, Hero Motor Corp, the world's major two-wheeler maker is selling products online. The company has sold 700 bikes online in 72 hours through online marketplace Snapdeal during the recently concluded Great Online Shopping Festival, organised by Google. According to Snapdeal, the automobiles segment is becoming an area of interest and has a promising future.