Although attempts were made to breach the breakeven line and move into the positive during the closing hours, it proved unsuccessful and the benchmark indices in the Indian stock market closed the day on a flat note. Both the BSE-Sensex as well as the NSE-Nifty ended little changed from last Friday's closing. The BSE Midcap and BSE Small cap indices however bucked the trend and closed higher by around 0.3% each. Advance to decline ratio on the Sensex went in favour of the former as nearly three stocks gained for every two that declined.
Most Asian indices closed the day in the red whereas Europe too is trading largely in the negative currently. The rupee was trading at near about Rs 45 per dollar levels at the time of writing.
Zee Entertainment, the broadcasting major has received an approval from the Bombay High Court for its proposed scheme of amalgamation of ZES Holdings, Mauritius and Zee Multimedia Worldwide, BVI, two wholly owned overseas subsidiaries of the company with the company with effect from the appointed date i.e. February 01, 2011. In another development, the company launched its Hindi Movie Channel, Zee Cinema on one of the largest providers of DTH service in Indonesia. With rights to more than 3,000 movie titles from foremost studios and of iconic film stars, Zee houses the world's largest Hindi film library. The stock closed marginally higher on the bourses today.
HDFC Ltd, one of India's largest housing finance companies traded strong and closed more than 1% higher on the bourses today. The optimism seemed a result of reports that the company will seek its shareholders' consent for an increase in the borrowing limit to Rs 2 trillion at its upcoming AGM. As of now, the borrowing limit of the financing behemoth is capped at Rs 1.5 trillion. It is thus looking to increase this limit by Rs 500 bn. The company had decent results last fiscal where its loan disbursements grew 20% YoY while loan approvals rose by 24% YoY.