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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open weak 
(Tue, 3 Dec 09:30 am) 
 
Asian stock markets have opened the day on a mixed note with Japan (up 0.7%) and Malaysia (up 0.6%) leading the gains. However, markets in Indonesia (down 0.8%) and South Korea (down 0.8%) are trading weak. The Indian share market indices have opened the day on a negative note. Stocks in the banking and realty space are leading the losses. However, information technology and capital goods stocks are trading firm.

The Sensex today is down by around 41 points (0.2%), while the NSE-Nifty is down by around 16 points (0.3%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.3% respectively. The rupee is currently trading at Rs 62.31 to the US dollar.

Information Technology stocks have opened the day on a firm note with Moser-Baer India, HCL Infosystems and Mphasis Ltd leading the gains. As per a leading daily, India's third largest software services firm Wipro Ltd is set to acquire American mortgage services company Opus Capital Market Consultants for US$ 75 million (Rs 4.65 bn). The all-cash deal will expand Wipro's high-end mortgage BPO business in the US. The deal is set to be completed in the fourth quarter of financial year 2013-14 (4QFY14). The Bangalore-based firm will make an upfront payment of Rs 3.1 bn. The rest will be paid over the next three years. It must be noted that Wipro has lagged its peers in the financial services space. This deal will help its augment its presence in the field.

Power stocks have also opened the day on a mixed note with Gujarat Industries Power Company Ltd and Torrent Power leading the gains. However, National Thermal Power Corporation (NTPC) and Reliance Power are facing selling pressure. As per a leading financial daily, state-run power producer NTPC's Rs 17.5 bn tax-free bond issue is set to launch today. The issue size of the bond will be Rs 10 bn with an option to retain oversubscription of up to Rs 7.5 bn. The coupon rate for retail investors will be 8.66% for 10 years; 8.73% for 15 years and 8.91% for 20 years. The issue is allocated in a ratio of 10% for qualified institutional buyers (QIBs), 25% for corporates, 25% for high net worth individuals (HNIs) and 40% for resident retail investors. The proceeds would aid NTPC in funding its ongoing capital expenditure target of Rs 222 bn for the current financial year 2013-14 (FY14). The company currently has 19,500 megawatt (MW) capacity of projects under execution. It is planning to soon place orders worth Rs 250 bn to source equipment to set up 5,000 MW capacity projects by March 2014.

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Jul 26, 2017 (Close)

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