Asian shares are trading on a positive note today. The Nikkei 225 is up 0.9%, while the Hang Seng is up 0.8%. The Shanghai Composite is trading down by 0.1%.
Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 213 points (up 0.6%) while the NSE Nifty is trading up by 74 points (up 0.7%). The BSE Mid Cap index is trading up by 1.2%, while the BSE Small Cap index has opened the day up by 1%.
Sectoral indices have opened the day on a mixed note with and witnessing maximum buying interest.
The rupee is trading at 71.82 to the US dollar.
In the news from global financial markets, the Turkey Central Bank raised benchmark interest rate to 24%. This is a jump of 625 basis points that was almost double what forecasters expected.
The Turkish President Recep Tayyip Erdogan also banned the use of dollars in most contracts and railed against high borrowing costs. He also told a group of craftsmen and merchants that Turkey is fighting an economic war and tough times require tough measures.
From the banking sector, Punjab National Bank share price will be in focus today. This comes as the lender has put nearly two dozen non-performing accounts (NPAs) on sale to recover over Rs 13.2 billion.
The bank’s Stressed Assets Targeted Resolution Action (SASTRA) Division, which is handling the sale of stressed assets to recover dues, has put on sale a total of 21 accounts which cumulatively owe PNB Rs 13.2 billion.
In the news from commodity space, crude oil is witnessing buying interest. Gains are seen as Hurricane Florence approached the US east coast and threatened gasoline markets there. The US hurricane centre said that the hurricane, which is expected to strengthen and make landfall today, is the most powerful storm to threaten the Carolinas in almost three decades.
Also, the US government data showed that domestic crude production in 2019 is expected to grow slower than previously expected.
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