Barring Singapore (up 0.1%) and Hong Kong (up 0.1%), major Asian stock markets have opened on a weak note with South Korea (down 0.6%) and Japan (down 0.6%) leading the losses.
The Indian share markets have opened the day on a flat note. The sectoral indices have opened mixed with stocks in banking and FMCG sector facing maximum selling pressure. However, auto and software stocks were leading the gains.
Power stocks have opened the day on a mixed note with Reliance Infrastructure Ltd and Neyveli Lignite Ltd leading the gains. However, KSK Energy Ltd and Power Grid Corporation of India Ltd were leading the losses. As per a leading financial daily, India's largest electricity trader PTC India plans to venture into power generation. The company is seeking to own and operate power generation assets through its subsidiary PTC Energy. The management is confident of debottlenecking in the power sector with Modi Government at the centre. The company may commission solar and wind projects on its own or form joint ventures to set up thermal power plants. The management has not ruled out investing more in PTC Energy or likelihood of listing it in future.
Steel stocks have opened the day on a firm note with Adhunik Metaliks Ltd and Tata Sponge Ltd leading the gains. As per a leading financial daily, Steel Authority of India Ltd (SAIL) is likely to exit the Rs 350 bn revival project for the Sindri fertiliser plant in Jharkhand on account of delays in land acquisition. The company had plans to set up a new 1.15 million tonnes per annum (MTPA) fertiliser plant, a 5.6 MTPA capacity steel mill and a 1,000 MW power plant. However, because of land acquisition issues, the investment plans are facing obstacles. Apart from that, funding is also an issue for the company with other commitments to fulfill. The final decision is yet to be taken on the matter.