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Indian markets open in red
Mon, 8 Jun 09:30 am

The major Asian stock markets have opened the day on a mixed note with markets in Japan and Singapore trading marginally down. However, stock markets in Hong Kong are (up 0.4%) and China (up 0.9%) are trading on a positive note. US and European stock markets closed their session on a negative note on the last trading day of the week gone by. Crude oil prices increased nearly 0.6% and rading at Rs 3,742 per barrel. Precious metals, gold and silver are trading marginally down by 0.4% each.

Indian equity markets have opened the trading session on a negative note today. BSE Sensex is trading lower by 113 points (down 0.4%) and NSE-Nifty is trading lower by 47 points (down 0.6%). BSE Mid Cap and BSE Small Cap index indices are also opened the day in red down by 0.5% and 0.4% respectively. Among the sectoral indices, auto and pharma are the leading losers while mining stocks are leading the gains. The rupee is trading at 64.09 per US dollar.

Major stock in the banking space have opened the day on a weak note. As per a leading financial daily, private sector lender Yes Bank has said that it will raise Rs 64 bn by fresh equity and Rs 100 bn through non-convertible debentures (NCD'S) and bonds. Also many approvals and decisions were declared in its annual general meeting (AGM) which was held on Sunday. The shareholders, at the AGM, approved an increase in the borrowing limit to Rs 500 bn. While the combined investment limit for foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) was raised to 74%.

Engineering stocks have opened the day on a mixed note. As per leading financial times, Crompton Greaves, one of the world's leading engineering corporation has said that it would sell the foreign power business. This step was taken as its foreign subsidiaries have been witnessing huge losses since 2012. The company has been witnessing sharp fall in the operating profits. The earnings before interest, tax depreciation and amortization (EBITDA) of the foreign power systems business fell from Rs 4.5 bn in 2010-11 to Rs 0.9 bn in 2013-14. Also the losses continued in the overseas power business systems in 2014-15 which reported a loss of Rs 0.8 bn. However, the domestic business of the company which contributes 55% of revenue continues to make profits.

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