Asian equity markets are lower today following losses in US stocks as traders awaited a decision on interest rates from the US Federal Reserve. The Nikkei 225 is off 0.29%, while the Hang Seng is down 0.07%. The Shanghai Composite is trading up by 0.09%. Stock markets in the US & Europe finished their previous session on a weak note.
Meanwhile, Indian share markets have opened the day on a sluggish note ahead of outcome of the Federal Reserve policy meeting tonight. The BSE Sensex is trading higher by 1 point while the NSE Nifty is trading flat. The BSE Mid Cap index opened flat while BSE Small Cap index both have opened the day up by 0.2%.
Sectoral indices have opened the day on a mixed note with consumer durables stocks and healthcare sector leading the pack of gainers. While information technology and capital goods stocks are witnessing selling pressure. The rupee is trading at 66.18 to the US$.
Automobile stocks are trading mixed with Maharashtra Scooters and Tata Motors being the most active stocks in this space. As per an article in a leading financial daily, in the first major move under N Chandrasekaran's chairmanship, Tata Motors is reducing staff by offering a voluntary retirement scheme (VRS) to significantly prune its middle management.
Tata Motors share price opened the day up by 0.3%.
Moving on to the news from stocks in mining sector. According to a leading financial daily, boards of three subsidiaries of Coal India Limited have slashed valuations of the shares of these companies by at least 75% over the values declared earlier this month.
As per an article in The Economic Times, the earlier valuations did not reflect the true valuation of either the subsidiaries or the parent. Although, the amount of money that Coal India will receive post reduced valuation through proposed share buybacks remains the same at Rs 50.63 billion.
Coal India share price began the trading day down by 0.2%.
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