Asian equity markets are trading mixed today following an attack in central London at the weekend. The Shanghai Composite is off 0.27%, while the Hang Seng is down 0.11%. The Nikkei 225 is trading up by 0.14%. US equities rose to record levels on Friday as Wall Street shrugged off a jobs report that came in well below expectations.
Meanwhile, share markets in India have opened the day on a flat note. The BSE Sensex is trading lower by 27 points while the NSE Nifty is trading higher by 4 points. The BSE Mid Cap and BSE Small Cap index both have opened the day up by 0.3%.
Barring FMCG stocks, metal stocks and information technology stocks, all sectoral indices have opened the day in green with consumer durable stocks and realty stocks leading the gainers. The rupee is trading at 64.42 to the US$.
Coal India share price opened the day down by 1.3% after it was reported that the government’s policy think-tank NITI Aayog decided to break up the seven subsidiaries of Coal India after stalling it for past two years.
NITI Aayog suggested coal mining should be based on competition leading to the determination of the fossil fuel’s market price.
Jewellery stocks are witnessing a surge today following the government’s announcements of GST rates on gold. Titan Company share price rose over 8%. Meanwhile, PC Jeweller share price was quoting at Rs 535, up 6.35% on the BSE. Tribhovandas Bhimji Zaveri share price, on the other hand, is up by 5.43% on the BSE.
The GST Council on Saturday announced that the rate on gold and gold jewellery would be at 3%. Having said that, the import duty of 10% stays, which will be over and above the 3%.
India is on a high. And our reference is not just to the Sensex. But is all really well? Our macro guru, Vivek Kaul, does not think so. For those investing based on macro clues, these are times to be a little sceptical.
