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Indian share markets open firm
Fri, 28 Feb 09:30 am

Asian stock markets have opened the day on a mixed note with China (down 1%) and Japan (down 0.7%) leading the losses. However, markets in Taiwan (up 0.5%) and Indonesia (up 0.5%) are trading in the green. The Indian share markets have also opened the day on a firm note. Stocks in the healthcare and metal spaces are leading the gains. However, consumer durable stocks are trading weak.

The Sensex today is up by around 59 points (0.3%), while the NSE-Nifty is up by around 11 points (0.2%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by 0.4% and 0.3% respectively. The rupee is currently trading at Rs 61.99 to the US dollar.

Information technology stocks are currently trading firm with Tech Mahindra, NIIT Ltd and Tata Consultancy Services (TCS) leading the gains. As per a leading financial daily, India's fifth largest software services exporter Tech Mahindra has inked an agreement to acquire the IT and consultancy services business of chemical giant BASF. This deal, made through its German subsidiary, is aimed at strengthening the company's presence in Western Europe. While the financial details of the deal have not been disclosed, it is expected to close by June 2014.

In another development, the Indian Index Services & Products announced changes in the National Stock Exchange's benchmark Nifty index. As per the announcement, Jaiprakash Associates and Ranbaxy Laboratories will be removed from the 50-share benchmark index and replaced by Tech Mahindra and United Spirits.

Auto stocks have opened the day on a mixed note with Tata Motors and Bajaj Auto leading the gains. However, Maruti Suzuki and Mahindra & Mahindra are trading in the red. As per a leading financial daily, the world's leading two-wheeler maker Hero MotoCorp has launched its operations in Turkey. This is in line with the company's strategy of reaching 50 global markets by 2020. The company has announced a partnership with Asya Makina of Turkey to launch its two-wheelers there. It must be noted that Asya Makina is a subsidiary of the reputed Soysal Group. Under the alliance, Asya Makina has been appointed as the distributor of Hero MotoCorp range of two-wheelers in Turkey. The company's two-wheelers will be distributed through a network of nearly 50 outlets spread across the country. Several more new outlets are expected to be added in the next one year.

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