Indian Indices Open in Red

Tue, 21 Jun 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in Japan and China are trading higher by 0.5% and 0.3% respectively. Benchmark indices in Europe ended their previous session on an encouraging note with stock markets in UK and Germany ending the day higher by 3% and 3.3% respectively. The rupee is trading at 67.41 per US$.

Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 63 points (down 0.2%) and the NSE Nifty is trading lower by 16 points (down 0.2%). However, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.4% respectively.

Major sectoral indices have opened the day on a mixed note with stocks from pharmaceutical sector are witnessing selling pressure. Whereas, stocks from telecommunication sector is witnessing buying interest.

As per an article in Livemint, the government has opened the doors wider to the foreign direct investment (FDI) front. The government has increased the cap in FDI in seven sectors ranging from civil aviation and defence to food products and pharmaceutical. The move is likely to attract more overseas money coupled with attracting more jobs and boosting the economic growth.

Reportedly, the government has brought more investments under the automatic route that will not entail prior approval of the government or the Reserve Bank of India (RBI). Further, the government has also relaxed some conditions governing FDI, which in-turn would improve the ease of doing business in India.

This move comes at a time when the equity and currency markets battled investor concerns over Mr Rajans's announcement to exit as the RBI governor with effect from September.

Here is Ajit Dayal's view on Rajan exit. Click here to access this interesting piece.

In another news update, Britain's exit from the European Union may impact the operations of Jaguar Land Rover Automotive Plc, the UK subsidiary of Tata Motors Ltd. This subsidiary accounts for 90% of the profits of Tata Motors.

Reportedly, Europe accounts for a fourth of volumes for the UK subsidiary of Tata Motors. It also sources 35-40% of its components' requirements from the European region. Given the free movement of goods within the EU, JLR does not pay any tariff either for sourcing of parts or selling a vehicle in any of the European countries. However, in the event of Brexit, this may change as the goods sold to and from the EU may attract duties making JLR uncompetitive vis-a-vis the German rivals.

Further, JLR's skill base too is likely to get affected should the British electorate vote in favour of Brexit. It would hinder the mobility of labour within the EU and the UK.

The stock of Tata Motors is trading down by 0.7%.

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