Asian stock markets are lower in morning trade tracking losses on Wall Street ahead of China trade data set to be released today. The Shanghai Composite is off 0.12%, while the Nikkei 225 is down 0.50%. The Hang Seng is up 0.40%. Stock markets in Europe also closed their previous session in the red.
Meanwhile, Indian share markets have opened the day on a flat note. The BSE Sensex is trading lower by 7 points and the NSE Nifty is trading lower by 2 points. Meanwhile, S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.1% respectively.
Sectoral indices have opened the day on a mixed note with bank stocks and pharma stocks witnessing buying momentum. While, IT stocks and consumer durables' stocks are among the top losers on the BSE.
The rupee is trading at 66.63 against the US$.
Kotak Mahindra Bank share price opened the trading day up by 2.3% after it was reported that Canadian pension fund manager Caisse de Depot et Placement du Quebec is among suitors vying to buy a stake in the bank. Shares of Kotak Mahindra Bank have gained 14% this year, giving it a market value of $22.5 billion.
Meanwhile, According to an article in The Economic Times, India has moved down the order on the overall investment attractiveness index to 97 from the earlier 73. India dropped from its previous rank in the overall investment attractiveness index and has been placed among the 10 lowest nations.
In another development, Coal India will pay the government over Rs 150 billion through dividend, distribution tax and proceeds of a share buyback this year, a drop of 13% from the amount paid in 2015-16.
Coal India share price began the trading day up 0.5% on the BSE.
Moving on to news from stocks in oil & gas sector. According to an article in a leading financial daily, ONGC Videsh Ltd has finalised an over US$ 3 billion development plan for the coveted Farzad-B gas field off Iran and is likely to wrap up a deal by September.
India overtakes China as the main driver of energy demand growth, as was foreseen by the IEA. Noting that Indian per capita oil consumption is just 1.2 barrels per year today, the report said the number is expected to reach 1.5 barrels per year by 2022. This compares to China's three barrels per capita per year today, a figure expected to be 2.5 by 2022.
ONGC share price opened the day up by 0.1%.
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