Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.9% while the Hang Seng is down 1.7%. The Shanghai Composite is trading down by 1.4%. US stocks dropped, and the Nasdaq fell 3% on Monday as investors dumped Apple, internet and other technology shares.
Back home, India share markets have opened the day on a negative note. The BSE Sensex is trading down by 72 points while the NSE Nifty is trading down by 32 points. The BSE Mid Cap index opened down by 0.3% while BSE Small Cap index opened down by 0.2%.
Sectoral indices have opened the day on a mixed note with energy stocks and consumer durable stocks witnessing maximum buying interest. While metal stocks and realty stocks have opened the day in the red.
The rupee is currently trading at Rs 71.40 against the US$.
Yes bank share price fell over 5% in the opening session on the reports that an independent director R. Chandrashekhar at Yes Bank, resigned on Monday saying he was concerned about recent events at the company.
In the news from the economy, the nine-hour marathon meeting of the Reserve Bank of India’s central board yesterday, saw mutual agreement being reached on several issues amid the ongoing rift between the government and the central bank.
According to a post-meeting release by the central bank, the board discussed the Basel regulatory capital framework, a restructuring scheme for stressed MSMEs, bank health under Prompt Corrective Action (PCA) framework and the Economic Capital Framework (ECF) of RBI.
The Board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the government and the RBI.
It also advised that the RBI should consider a scheme for the restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 0.3 billion, subject to conditions of ensuring financial stability.
