Asian equity markets are trading on a positive note with Shanghai Composite trading higher by 0.2%. The benchmark index in Japan too is trading higher by 0.5%. US benchmark indices closed their yesterday’s session in green after a bunch of companies reported better than expected quarterly results.
Back home, share markets in India have opened the day on a flat note. The BSE Sensex is trading higher by 10 points while the NSE Nifty is trading higher by 13 points. The BSE Mid Cap Index opened up by 0.1% while BSE Small Cap index opened the day up by 0.3%.
All sectoral indices have opened the day in green with metal stocks and energy stocks leading the gainers. The rupee is trading at 64.36 to the US$.
Tata Steel share price gained 1.2% in the early trade on the reports that the company will evaluate acquiring steel firms referred to the National Company Law Tribunal (NCLT).
Five stressed steel companies – Essar Steel, Monnet Ispat and Energy, Electrosteel Steels, Bhushan Steel, and Bhushan Power and Steel have been referred to the NCLT by the RBI in a recent directive.
Asian Paints share price opened the day on a negative note on the back of weak performance for the June quarter due to the impact of GST and increased cost of raw materials.
In the first quarter, the company’s revenue recorded a growth of about 5% to Rs 42.3 billion, year-on-year. Decorative Paints, the company’s key segment (contributes 81% of revenue), registered a low single-digit volume growth due to restocking on account of GST.
Bank stocks opened the day on a mixed note with Dhanlaxmi Bank and City Union Bank leading the gains. Axis Bank share price opened the day down by 1.5% after the bank reported a 16% year-on-year (y-o-y) fall in net profit to Rs 13.06 billion in the June quarter (Q1) on the back of flat net interest income (NII).
