After opening the day on a firm note, the Indian equity markets lost momentum gradually to close the day below the dotted line. While BSE-Sensex closed marginally lower by 12 points, the NSE-Nifty was up by 2 points. That said, both the BSE Mid Cap and the BSE Small Cap indices gathered steam and were up by 0.2% and 0.7% respectively. Sectoral indices closed the day on a mixed note. Realty and IT stocks witnessed majority of the buying activity while metal, capital goods and oil & gas were at the receiving end.
Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.07%, while the Nikkei 225 led the Hang Seng lower. They fell 0.19% each. European markets retreated in early trade. The rupee was trading at 66.39 against the US currency in the afternoon session.
According to a leading financial daily, Idea Cellular is planning to invest over Rs 5.5 bn in Uttar Pradesh over the next two years in order to increase Internet connectivity in the state. Out of the total investment of Rs 420 bn that Idea has made across the country, 11% of the investment has come to Uttar Pradesh. The company is currently present in 82% of Uttar Pradesh, covering over 85,000 towns and villages and plans to increase its reach to 95% of the population. Meanwhile, the company is seeking shareholders' nod to raise up to Rs 100 bn through issue of non-convertible securities on private placement basis in one or more tranches. The scrip of Idea Cellular ended the day up by 0.2% on the BSE.
IT stocks closed the week with modest gains with Wipro and Financial Technologies leading the gains. Shares of Infosys ended the trading day on an optimistic note after the company entered into a strategic partnership with Association of Tennis Professionals (ATP), the governing body of men's professional tennis, to leverage the latest technological advances in mobility, cloud and analytics to transform the experience of tennis fans and players the world over. As part of this partnership, the company will become the global technology services partner and platinum sponsor of the ATP World Tour, as well as the season ending Barclays ATP World Tour finals, for the next three years.