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Indian markets recover
Thu, 4 Jun Closing

The Indian indices recovered by over 250 points in the final hour of trading after two sessions of sharp losses amid weak European cues. The BSE-Sensex and the NSE-Nifty were trading marginally in the red on the back of selling activity in metal, consumer durables, healthcare and auto sectors. However, buying in realty, oil and gas and capital goods stocks restricted the market losses. BSE Sensex closed lower by 24 points, while NSE Nifty, S&P BSE Midcap and S&P BSE Smallcap cap ended the day on a flat note.

With regards to the international markets, Asian markets finished mixed. The Shanghai Composite gained 0.76% and the Nikkei 225 rose 0.07%. The Hang Seng lost 0.38%. European markets are sharply lower today with shares in France bearing majority of the brunt. The CAC 40 is down 1.5%, while Germany's DAX is off 1.48% and London's FTSE 100 is lower by 1.42%.

The rupee breached the 64 mark by falling 28 paise to 64.18 against the dollar in the post noon session.

Shares of auto firm Eicher Motors plunged more than 5% after it was reported that Swedish truck maker Volvo AB is selling its remaining 3.7% stake in Eicher Motors, in a deal that could be valued at around US$ 278 m. Reportedly, Volvo is offering about 1 m shares in a price range of Rs 17,190-18,190 in an open market sale. Volvo bought the Eicher stake in 2008 as part of a deal under which the Swedish company also set up a separate truck and bus making joint venture with Eicher in India. In March, Volvo had sold 1.27 million Eicher shares for around US$ 296.05 m.

According to a leading financial daily, Vedanta Ltd, formerly Sesa Sterlite, has acquired 4.98% stake in Cairn India for US$ 315 m from a wholly owned subsidiary Twinstar Mauritius Holdings (TSMHL). The funds received by TSMHL will be used to service existing debt obligations at TSMHL. Vedanta' ownership in Cairn India does not change as a result of this share transfer. Vedanta India is a promoter in Cairn India. TSMHL had 39.41% stake in Cairn India at March end, while Vedanta's stake was 18.73%. Following the share transfer, Vedanta will continue to hold 59.9% in Cairn India of which 25.5% will be held directly and 34.4% held indirectly through TSMHL. Shares of Cairn India ended the day in the negative (down 0.64%) on the BSE.

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Nov 24, 2017 03:37 PM