The Indian indices ended on a flat note today after a volatile day of trading. While the morning session witnessed buying activity, these were pared in the subsequent hours. The final trading hour saw the indices close above the dotted line. The BSE-Sensex closed higher by 52 points, the NSE-Nifty closed higher by 17 points. The S&P BSE Midcap inched higher by 0.4% while S&P BSE Smallcap closed lower by 0.3%. Losses were largely seen in banking and auto stocks.
As regards to major global markets, Asian markets finished broadly higher today. The Hang Seng was up 1.39%, while China's Shanghai Composite was up 0.87% and Japan's Nikkei 225 was up 0.12%. European stock markets are trading lower today with uncertainty lingering over Greece's debt crisis. The Indian rupee showed weakness for second day running and depreciated further by 7 paise to Rs 64.04 against the American dollar.
Engineering stocks ended the trading day on a mixed note. According to a leading financial daily, infrastructure major Larsen and Toubro (L&T) is planning to sell its stake in three units as part of its strategy to exit non-core areas. The company expects to raise US$ 1.5 bn from the sale. Reportedly, the company has mandated Citigroup to explore for buyers for certain assets including L&T EWAC Alloys, L&T Valves and L&T Infotech. In 2013, L&T acquired a 50% stake of the US-based Flowserve Corp in Audco India to strengthen its valves business. L&T Valves is expected to fetch US$ 700 m. Meanwhile, L&T is looking to offload at least 10% or make an initial public offering in L&T Infotech.
According to a leading financial daily, Wipro is in talks with UK-based outsourcing group Equiniti for a potential takeover that could be valued at about £1 bn (Rs 99 bn). If the talks conclude successfully, it will be one of Wipro's largest acquisitions with Equiniti seeking a valuation of close to £1 bn. Purchasing Equiniti will help the company gain access to large FTSE-100 clients in the UK and further bolster its business process outsourcing business, which contributes about 10% to its annual revenue and grew 13.3% in the previous financial year. Equiniti, which is owned by private equity player Advent International, reportedly has an annual turnover of £292.3 m.