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Late Buying Spurs the Market
Fri, 16 Oct Closing

Indian equity markets ended the day on the higher note after a range bound trading session amid positive international markets. Capital goods, oil & gas and banking stocks led the pack of gainers. While the BSE Sensex closed higher by 218 points, the NSE-Nifty closed higher by 59 points. Mid cap and small cap stocks ended the day on a firm note with the BSE Mid Cap and BSE Small Cap indices closing higher by 0.9% and 1.3% respectively.

Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.6% while Japan's Nikkei 225 is up 1.08%. Hong Kong's Hang Seng is up 0.78%. European markets have opened higher in early trade with shares in London leading the gains. The rupee was trading strong at 64.96 against the US$ in the afternoon session.

Software stocks finished on an optimistic note with NIIT Ltd and Mphasis Ltd leading the gains. According to a leading financial daily, NIIT Ltd has been awarded a multi-year contract to provide managed training services to Citi in the Europe Middle East and Africa region. With this new partnership, NIIT's Corporate Learning Group will source and manage third party training procured by Citi across EMEA. It is to be noted that NIIT is a leading provider of managed training services and has a footprint across 40 nations.

Mahindra & Mahindra (M&M) has reportedly sold its entire 71.19% stake in Swaraj Automotives Ltd (SAL) for Rs. 248.4 million to b4S Solutions. The company sold 1,706,925 equity shares of Rs 10 each at a price of Rs. 145.5 per equity share under the terms of agreement. Reportedly, the transaction is expected to be completed in the first week of January 2016. Swaraj Automotives Limited is into manufacturing of seats and seat mechanisms for tractors, commercial vehicles and passenger vehicles. The script of M&M closed the trading day up by 1.1% on the BSE.

View M&M's result analysis for the quarter ended June 2015 (subscription required). The article highlights some of the key concerns surrounding the company, including the slowing tractor industry, and how it has been impacting the market leader, M&M.

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Feb 23, 2018 (Close)