Positive Start to the Day

Tue, 30 Aug 09:30 am

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Barring Indonesia, major Asian stock markets have opened the day on a positive note with the stock market in Hong Kong is trading higher by 0.7%.

Benchmark indices in Europe ended their previous session in red with stock markets in Germany ending the day lower by 0.4%. While, stock market in the US ended the day higher by 0.6%.

The rupee is trading at 67.18 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 152 points (up 0.6%) and the NSE Nifty is trading higher by 40 points (up 0.5%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.5% each.

Major sectoral indices have opened the day on a positive note with stocks from capital goods and metal sector are witnessing maximum buying interest.

As per an article in Livemint, Reserve Bank of India (RBI) Governor, Mr Rajan, in his foreword to the central banks annual report for 2015-16 stated that the economic prospects for the current financial year are brighter than the previous year, but growth is still below potential.

Owing to normal rainfall this year coupled with the implementation of the seventh pay commission, RBI expects the economy to grow at a pace of 7.6% in the current financial year. The economy grew at 7.2% in the preceding financial year.

In the report, the central bank said good rains this year have resulted in a 6.5% increase in sowing of the monsoon crop. This is in line with RBI's latest round of professional survey, which forecast agriculture output growth at 3% for fiscal 2017.

In addition, the government is also expected to pay out as much as Rs 1.02 trillion as allowances under the Seventh Pay Commission by the fourth quarter this year, which in-turn will boost consumption.

Further, implementation of important legislations such as Goods and Service Tax (GST) will also provide the much needed boost to the economy.

To add to this, the report stated that faster clearances of stalled projects have boosted the overall business sentiment. Sectors such as roads and ports have seen significant improvement, with private ports seeing the highest ever capacity utilization in a single year.

Curbing inflation coupled with the balance sheet clean-up will be the key work in progress areas for the RBI going forward.

In another news update, Zee Entertainment Enterprise Ltd is looking to sell its sports channel Ten Sports for an undisclosed amount.

The company stated that it is in advanced stages of discussion for the sale of its sports business to the potential buyers. However, the company has not provided any financial details about the proposed sale.

Meanwhile, it also added that due to "owing to confidentiality provisions, the company is unable to comment on specific details or timeline".

Reportedly, this response of the company came in while replying to a query from BSE over some media reports suggesting that rival broadcaster Sony Pictures Networks India is likely to buy Ten Sports in a deal estimated to be around Rs 20 billion. It had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir's Taj Group in 2006. The stock is trading lower by 1.3%.

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