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Indian
shares opened mildly higher, amid mixed cues from global peers and as
yesterday's mega M&A action spurred some sentiment. At open, the BSE Sensex
was up 0.02 percent, or 7 points, to 28,070 while the Nifty rose 0.02 percent,
or 3 points, or 8,405. Among early movers, Kotak Mahindra Bank was up 7 percent
after it announced a merger with smaller peer ING Vysya Bank in an all
share-deal that valued the latter at USD 2.5 billion.
The Indian rupee gained 0.18 percent to climb back above 62 to the dollar, trading at 61.83. Gold fell 1.1 percent, or Rs 270, to Rs 26,440. The 10-year yield little changed from 8.16 percent it closed at yesterday, ING shares were up 1.6 percent. Shares of other small private sector banks such as South Indian Bank, Dhanlaxmi Bank and City Union Bank jumped 3.6-4 percent amid hopes Kotak's deal would trigger a wider consolidation in the banking industry and make them potential acquisition candidates.
While Financial Technologies jumped 3.6 percent after Jignesh Shah, accused of being involved in the NSEL scam, stepped down from its board. Sectorally, the market made a positive move overall. Barring IT, most sectors were marginally in the green. In other news, US markets ended higher to close at fresh record highs, while Asian markets were mixed.
The Indian rupee gained 0.18 percent to climb back above 62 to the dollar, trading at 61.83. Gold fell 1.1 percent, or Rs 270, to Rs 26,440. The 10-year yield little changed from 8.16 percent it closed at yesterday, ING shares were up 1.6 percent. Shares of other small private sector banks such as South Indian Bank, Dhanlaxmi Bank and City Union Bank jumped 3.6-4 percent amid hopes Kotak's deal would trigger a wider consolidation in the banking industry and make them potential acquisition candidates.
While Financial Technologies jumped 3.6 percent after Jignesh Shah, accused of being involved in the NSEL scam, stepped down from its board. Sectorally, the market made a positive move overall. Barring IT, most sectors were marginally in the green. In other news, US markets ended higher to close at fresh record highs, while Asian markets were mixed.
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ReplyDeleteStocks of Bharti Airtel, YES Bank, Adani Enterprises, Adani Ports, Hindustan Zinc and Ultratech, will remain in focus as these companies will announce their December 2017 quarter earnings today.
ReplyDeleteTrading Tips