Indian equity markets started the day on a negative note but rebounded after media reports that Russian President Vladimir Putin ordered his troops back to base. This eased investor sentiment over the recent geopolitical tensions in Ukraine. The markets finally closed near the day's high. Metal and banking stocks were the biggest gainers. While the BSE-Sensex closed higher by 263 points, the NSE-Nifty closed higher by 76 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have opened in the green. The rupee was trading at Rs 61.9 to the dollar at the time of writing.
Bharti Airtel and UAE's telecom giant Etisalat have entered into a partnership to set up a multi-service regional network infrastructure node in the region. This partnership will also enable direct routing of traffic between the Middle East, Africa, Asia and Europe. It includes Airtel's MPLS (Multiprotocol Label Switching) services supported by its global network which will allow Airtel to provide advanced data and wholesale services to its customers in West Asia and Africa. It will also provide a platform to Etisalat to reach out to key global business hubs such as Africa and India.
Mahindra & Mahindra (M&M) has initiated the internal restructuring of its most profitable arm, auto and farm equipment business. Aimed at increasing focus on products, M&M is planning to divide its product development division into two verticals -- auto and tractor. Earlier, the same division catered to both the businesses. M&M is also creating an engineering-focused vertical with an aim to integrate the backend across all M&M brands, including their South Korean brand Ssangyong. The auto farm segment contributes around 70% to the company's total revenue.