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Markets lose some sheen
Wed, 9 Jan Closing

The Indian stock markets started the day on a positive note and continued to trade positive till the afternoon session. However, post that they started moving lower and moved below the dotted line. The indices finally closed the day below par. The BSE-Sensex closed negative, lower by around 76 points (down 0.4%). The NSE-Nifty also closed lower by around 30 points (down 0.5%). The smaller indices had a negative day on the bourses. The BSE Mid Cap index closed 0.5% lower and the BSE Small Cap 0.3% lower. FMCG and Consumer Durables saw a bulk of the losses. Auto and oil and gas stocks saw some gains.

As regards global markets, Asian indices had a mixed outing today. European indices also opened the day on a mixed note. The rupee was trading at Rs 54.83 to the dollar at the time of writing.

The United Kingdom based GlaxoSmithKline (GSK) has received Securities and Exchange Board of India (SEBI) approval for its over Rs 52 bn open offer for its Indian subsidiary GlaxoSmithKline Consumer Healthcare. The parent had filed its draft offer document with on December 11 to acquire upto 13.4 m shares or a 31.8% stake in its Indian subsidiary. The offer is scheduled to open from January 17 and close on January 30, 2013 according to a company announcement. The company is expected to buy the shares at Rs 3,900 each, taking the potential total value of the transaction to around Rs 52.2 bn. The promoter currently has a 43.2% stake in the company, and with this open offer the stake will go up to 75%.

First it was Maruti Suzuki with the labour issues , and now it is turn for the textile and plastic maker Sintex Industries to go in for a strike. An indefinite strike has been called by some 700 workers in the firm. The strike has entered its 10th day with some workers going on hunger strike seeking higher wages. However, the company's Human Resources head, Kailash Sharma, stated that most of the workers on strike are not directly employed by the management, but rather work for contractors. However, the workers are stating that labour laws are not being implemented properly and that they are working longer hours for the same pay. The company had reported around 3.6% YoY growth in sales while net profits grew by 86.5% YoY during 2QFY13.

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