Asian equity markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.10% while the Hang Seng is down 0.28%. The Nikkei 225 is trading down by 0.17%. Stock markets in the US & Europe finished their previous session on a weak note.
Meanwhile, Indian share markets have opened the day on a flattish note. The BSE Sensex is trading higher by 19 points while the NSE Nifty is trading higher by 14 points. The BSE Mid Cap index and BSE Small Cap index have opened the day up by 0.2% & 0.3% respectively.
Barring information technology stocks, metal stocks & realty stocks, all the sectoral indices have opened the day in green with power stocks and energy sector being the top gainers on the BSE. The rupee is trading at 66.76 to the US$.
Information Technology stocks have opened the day on a mixed note with Tech Mahindra and HCL Technologiesbeing the most active stocks in this space. According to an article in a leading financial daily, Tech Mahindra (TechM) has agreed to acquire US-based healthcare IT consulting company CJS Solutions Group for an enterprise value of US$110 million (about Rs 7.3 billion) to expand its presence in the healthcare space.
The acquisition comes at a time when Indian IT firms are bracing for potential difficulties in the US, their largest market, because of the protectionist policies of the Donald Trump administration. The acquisition will not only position TechM as a significant player in the healthcare provider space but will also provide an opportunity to go deeper in this space, the reports noted.
Tech Mahindra share price opened the day up by 1.2%.
Moving on to the news from steel stocks. In the latest development, the government has approved outright sale of Steel Authority of India (SAIL)'s three special steel units, including Salem and Alloy Steel plants.
In pursuance of the decision, SAIL has now sought advisors, including legal and merchant bankers, to carry out the strategic sale along with transfer of management control in Alloy Steels Plant (ASP), Salem Steel Plant (SSP) and Visvesvaraya Iron and Steel Plant (VISP).
SAIL share price began trading down by 0.2%.
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