Asian equity markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.35%, while the Hang Seng is down 0.39%. The Nikkei 225 is trading down by 0.20%. The European markets ended Thursday’s session in the red as market participants were disappointed after the European Central Bank (ECB) again made no changes to its monetary policy.
Meanwhile, share markets in India have opened the day on a negative note tracking weakness in Asian peers on concerns over US-South Korea free trade pact. The BSE Sensex is trading down by 78 points while the NSE Nifty is trading down by 33 points. The BSE Mid Cap index opened down by 0.1%, while BSE Small Cap index has opened the day up by 0.2%.
Sectoral indices have opened the day on a mixed note with stocks from PSU sector and power sector leading the gains. While stocks from FMCG sector and realty sector are witnessing selling pressure. The rupee is trading at 64.11 to the US$.
ITC share price fell by 1.8% after it was reported that the Bombay High Court ordered Union finance ministry and others to be made parties to a plea against LIC’s investments in business conglomerate ITC Ltd, which earns 80% of its revenue from the sale of tobacco.
Real estate stocks opened the day mixed with PVP Ventures and Era Infra Engineering trading in the red. As per an article in a leading financial daily, Indian real estate sector is expected to witness an investment of US$7 billion this year on likely revival in the sector.
The impact of demonetisation was expected to be catastrophic for the Indian economy. However, the reality on the ground is quite encouraging, indicative of the fact that the economy is already on its way to fully absorb the impact of the policy, the reports noted.
Demonetisation Effect on Growth in House Prices
