Sensex Opens Flat; IT & Energy Stocks Drag

Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.8% while the Hang Seng is down 0.5%. The Shanghai Composite is trading down by 1.2%. US stocks fell for a second day after the Federal Reserve raised benchmark interest rates and said that it would continue to let its massive balance sheet shrink at the current pace.

Back home, India share markets opened on a flattish note with a negative bias. The BSE Sensex is trading down by 15 points while the NSE Nifty is trading down by 4 points. The BSE Mid Cap index and BSE Small Cap index, both opened up by 0.4%.

Sectoral indices have opened the day on a positive note with telecom stocks and realty stocks leading the pack of gainers. While IT stocks and energy stocks have opened the day in the red.

The rupee is currently trading at Rs 69.98 against the US$.

Bank stocks are trading on a mixed note with Punjab & Sind Bank & Central Bank leading the gainers. According to the latest RBI data, Bank credit rose at a healthy 15.1% to Rs 92 trillion in the fortnight to 7 December, while deposits grew 9.7% to Rs 118.8 trillion.

In the year-ago fortnight, advances were at 80 trillion and deposits at Rs 108.4 trillion.

In the previous fortnight ended 23 November, credit has risen by 15.1% to Rs 91.3 trillion, while deposits surged 9.4% to Rs 118.1 trillion.

In October this year, non-food credit rose 13.4% compared to an increase of 6.6% in the same month last year. Credit to the services sector expanded 27.4% in the month compared to 9.4% a year ago.

Loans to agriculture and allied activities increased 8% in October compared to an increase of 5.5% in October last year.

Credit to the industry rose by 3.7% in October 2018 as against a contraction of 0.2% in October 2017.

Personal loans rose 16.8% in October as against 16% in October 2017.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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