Asian stock markets have opened the day on a mixed note with stock markets in Japan (down 1%) and Hong Kong (down 0.7%) leading the losses. However, markets in Taiwan (up 0.7%) and South Korea (up 0.6%) are trading firm. The Indian share markets indices have opened the day on a firm note. Stocks in the capital goods and realty space are leading the gains. However, metal stocks are trading weak.
The Sensex today is up by around 74 points (0.4%), while the NSE-Nifty is up by around 18 point (0.3%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.8% and 1.1% respectively. The rupee is trading at Rs 54.28 to the US dollar.
Auto stocks have opened the day on a mixed note with Tata Motors, Hero MotoCorp and Maharashtra Scooters leading the losses. However, Escorts Ltd and TVS Motor Company are trading firm. As per a leading financial daily, leading Indian two-wheeler maker Hero MotoCorp has incorporated a 100% subsidiary in the Netherlands in a bid to speed up its global expansion plans. This new subsidiary is the first of the overseas arms that the company plans to establish. Hero MotoCorp has ambitious plans to enter 30 countries. It is said that the company is actively considering opening up some more overseas subsidiaries and offices in Europe, the US and Latin America. It must be noted that its domestic competitors such as Bajaj Auto and TVS Motor Company are already operating overseas subsidiaries.
Private bank stocks have opened the day on a firm note with Dhanlaxmi Bank and J&K Bank leading the gains. As per a leading financial daily, India's second largest private sector lender HDFC Bank is set to start charging its customers for its InstaAlert SMS service effective from today. It must be noted that the bank provides real-time alerts to its customers on their account activities. This allows customers to keep track of various payments and receipts. Customers also receive reminders for timely payment of utility bills as well as intimations when balance falls below a pre-specified limit. As per the notification, customers registered for InstaAlert service with 'SMS' as the delivery channel will be charged Rs 15 per quarter in case of salary or savings accounts. On the other hand, current account customers would be charged Rs 25 per quarter. However, the bank would not charge any fees for InstaAlerts delivered through emails.