The Indian stock markets opened below the dotted line and were trading cautiously for most of the early trades. However, during the middle stages of the day's trading, indices took a turn for the positive. In the final hour of trade, markets moved back into the negative zone, and ultimately closed with moderate losses. While the BSE-Sensex closed lower by around 44 points, the NSE-Nifty closed lower by around 16 points. The S&P BSE Midcap index and the S&P BSE Smallcap closed 0.07% and 0.3% higher respectively. Metal stocks saw strong gains. FMCG and PSU stocks were also trading higher. Realty, banking and IT stocks were the top losers.
Asian stock markets ended the trading day on a mixed note tracking the weak cues from Wall Street and amid ongoing concerns about Greece's debt situation. However, Chinese stocks bucked this trend and reached new highs with Shanghai Composite gaining 1.54%. European shares opened the day in the red for the fourth time this week with shares in France off the most. The Indian rupee was trading at Rs 63.89 against the dollar at the time of writing.
Profit booking was witnessed across majority of the IT sector with TCS and HCL Tech bearing majority of the brunt. According to a leading financial daily, Infosys has completed the acquisition of Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients. The acquisition of Skava is part of Infosys' strategy to help clients bring new digital experiences to their customers through IP-led technology offerings, new automation tools and unparalleled skill and expertise in these new emerging areas. Skava marks Infosys's second largest acquisition this year, after the company bought Israel-based automation solutions startup Panaya earlier this year for US$ 200 m.
According to a leading financial daily, Cipla, a global pharmaceutical company, has received United States Food and Drug Administration (USFDA) approval for an innovative formulation Lopinavir/ Ritonavir (LPV/r) 40mg/ 10 mg oral pellets for pediatric specific treatment for infants. The pellets are to be sprinkled on sweetened porridge for infants and administered to them. The pellets are produced by melt-extrusion technology and are enclosed in capsules. This novel child-friendly formulation has been approved by USFDA under the President's Emergency Plan for AIDS Relief programme. Cipla's current portfolio includes over 1,500 products across wide range of therapeutic categories. The company stock closed lower by 1.3% on the BSE.