Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian stock markets open in red
Wed, 2 May 09:30 am

Asian stock markets have opened the day on a high note. Markets in Taiwan (up 1.8%), China (up 1.6%) and Hong Kong (up 1.1%) are leading the gains in the region. The Indian stock markets have opened the day on a positive note as well. Stocks in the consumer durables and FMCG sectors are witnessing maximum gains. However, auto stocks are witnessing selling pressure.

The BSE-Sensex is up by around 97 points (0.6%), while the NSE-Nifty is up by around 28 points (0.5%). Mid and small cap stocks are trading in the green as well with the BSE Mid cap and BSE Small cap indices up by around 0.7% and 0.8% respectively. The rupee is trading at Rs 52.63 to the US dollar.

Software stocks have opened the day on a positive note with Tech Mahindra, Mphasis Ltd and Hexaware Technologies leading the gains. Wipro Ltd has announced its acquisition of an Australian analytics firm, Promax Applications Group. The company has acquired the firm for a consideration of AUD 35 m (Rs 1,890 m). The management has stated that the acquisition will help Wipro strengthen its leadership position in analytics and information management services. The management of Promax has stated that it will help Wipro in offerings in trade and marketing management area. The deal is expected to close in the first quarter of the financial year 2012-2013 (1QFY13).

Energy stocks have opened the day on a negative with Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) leading the pack of losers. Bharat Oman Refineries Ltd (BORL), a company promoted by public sector oil marketing company Bharat Petroleum Corporation Ltd (BPCL) with equity participation from Oman Oil Company, is set to raise US$ 140 m (approximately Rs 7.4 bn) for its balance capital expenditure at the refinery project at Bina in Madhya Pradesh. The funds will be raised via the ECB (external commercial borrowings) route. For the US-dollar term loan, BORL will pay an annual interest rate of 3.45% above Libor, or London inter-bank offered rate. The reason for the attractive interest rate on the ECB is the irrevocable and unconditional guarantee from BPCL. The mandated lead arranger for the ECB is Deutsche Bank AG, while the consortium of banks financing the 8-year term loan consists of Deutsche Bank, DBS, BNP Paribas, and Societe Generale.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian stock markets open in red". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.