Indices in the Indian equity markets that were trading slightly in the positive before the final hour changed course and consequently, closed the session on a slightly negative note. Thus, while BSE-Sensex ended lower by around 30 points, decline on the NSE-Nifty was marginal at around 10 points (down 0.2%). BSE Mid Cap and BSE Small Cap indices also closed flat albeit with a slightly positive bias. Nearly two stocks closed lower for every stock that ended higher on the Sensex today.
While most Asian indices closed higher today, Europe too is displaying positive trend currently. The rupee was placed at Rs 54.2 to the dollar at the time of writing.
This is the third consecutive time of the week where the markets have behaved in a lacklustre manner. And it isn't that there has been some bad news recently. On the contrary, the past couple of days have seen some good positive developments and despite this, investors have chosen to remain inactive. Select Mid and Small Cap stocks however continued to evince interest on the back of strong fundamentals and attractive valuations.
In a first for an Indian borrower, ICICI Bank, India's second largest banking entity, has raised 100 m Swiss Francs through a seven year bond issue. The bonds have been priced at coupon and offer a yield of around 2.75%. They have been rated 'stable' by Moodys'. A leading daily reports that since previous Swiss Franc bond sales from India have been in the 5-year tenure space, ICICI's latest issue will help develop the yield curve for Indian borrowers. The stock closed lower by around 1% today.
Arvind Ltd, one of India's and also world's largest denim manufacturers, has signed an exclusive distribution agreement with the iconic surf lifestyle brand Billabong in India. After the agreement, Arvind will merchandise Billabong's products through stand alone as well as multibrand stores. Billabong on the other hand will get to use Arvind's expertise in building international brands in India. Billabong is one of the world's largest surfwear brands with a turnover of more than Rs 80 bn. Arvind closed higher by around 3% on the bourses today.