Indian Share Markets Open Marginally Higher; ONGC And M&M Top Gainers

Asian share markets are trading on a positive note today as investors anticipated the start of corporate earnings seasons.

The Nikkei is trading higher by 1.2% and the Hang Seng is trading up by 1.1%.

In US stock markets, Wall Street indices ended lower on Monday, with investors waiting for cues from the upcoming corporate earnings season and a key inflation report later this week.

The Dow Jones Industrial Average fell 0.2% and the Nasdaq Composite dropped 50 points or 0.4%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

The BSE Sensex is trading up by 156 points. Meanwhile, the NSE Nifty is trading higher by 52 points.

ONGC is among the top gainers today. TCS, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.4%. The BSE Small Cap index is trading higher by 0.9%.

Barring IT stocks and power stocks, all sectoral indices are trading in green with stocks in the metal sector and energy sector witnessing most of the buying interest.

The rupee is trading at 75.05 against the US$. The domestic currency plunged below 75 against the US dollar on Monday to an eight-month low.

Gold prices are trading up by 0.1% at Rs 46,474 per 10 grams.

In news from the banking sector, bank credit grew 5.56% to Rs 109.51 lakh crore, while deposits rose 11.4% to Rs 151.13 lakh crore in the financial year ended March 31, 2021, data released by the Reserve Bank of India (RBI) showed.

In 2019-20 fiscal, advances had grown at 6.1% and deposits at 7.9%.

Though the interest rates of banks have reduced by 107 basis points from February 2020 to February 2021, the overall credit growth continued to moderate due to risk aversion and continued parking of excess liquidity with the RBI.

In other news from the banking sector, Axis Bank customers can now send money abroad in over 100 currencies through their mobile application, the private lender said on Monday.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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