Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.80% while the Hang Seng is down 0.43%. The Nikkei 225 is trading down by 0.34%. Over the weekend, US stocks closed with gains. Technology stocks led the S&P 500 and Nasdaq to record closing highs on Friday, with the S&P ending above 2,600 points for the first time.
Back home, India share markets have opened the day on a negative note, weighed by banks after the S&P retained its India’s rating at BBB- and outlook stable. The BSE Sensex is trading lower by 79 points while the NSE Nifty is trading lower by 32 points. The BSE Mid Cap index opened down by 0.3% while BSE Small Cap index opened the day on a flat note.
Sectoral indices have opened the day on a mixed note with consumer durables sector and realty sector witnessing maximum buying interest. While PSU stocks and information technology stocks have opened the day in the red. The rupee is trading at 64.73 to the US$.
Automobile stocks opened the day on a mixed note with Tata Motors DVR & Ashok Leyland leading the gains. As per an article in the Livemint, Mahindra & Mahindra (M&M) is eyeing the American car market with its South Korean subsidiary exploring possibilities in the sports utility vehicle (SUV) segment.
One shall note that the company this week opened a new US$ 230 million plant in Detroit, which got its first automotive production facility in 25 years. The automotive plant plans to manufacture off-loaders, the first lot of which is expected by early next year.
Reportedly, the entry into the US car market is likely to be through the South Korean SsangYong Motor Company, which is a subsidiary of M&M.
Further, Mahindra, a well-known brand of tractors in the US, has emerged over the years as the third largest seller of tractors in America.
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