Asian equity markets are trading lower today with investors anticipating a near-certain rate hike from the Federal Reserve on Wednesday. The Shanghai Composite is off 0.06% while the Hang Seng is down 0.03%. The Nikkei 225 is trading down by 0.07%. Stock markets in the US & Europe finished their previous session on a firm note.
Meanwhile, Indian share markets have opened the day strong as investors cheer the ruling BJP's clean sweep in the Uttar Pradesh assembly elections, along with victories in three other states that went to polls. The BSE Sensex is trading higher by 522 points while the NSE Nifty is trading higher by 150 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 1.7% & 1.3% respectively.
All sectoral indices have opened the day in green with banking stocks and realty sector leading the pack of gainers. The rupee is trading at 66.69 to the US$.
Bank stocks are witnessing buying interest today with ICICI Bank and Bank of Baroda being the most active stocks in this space. State Bank of India (SBI) has announced incorporation of SBI Infra Management Solutions (SBIIMS) to manage its premises and estate-related matters. SBIIMS will be a wholly owned subsidiary of SBI.
SBI share price opened the day up by 1.3%.
Moving on to the news from stocks in automobile sector. According to an article in a leading financial daily, Mahindra & Mahindra (M&M) announced its decision to divest 7.5% stake from its hospitality and travel wing, Mahindra Holidays & Resorts India Limited (MHRIL) for a value close to Rs 2.74 billion. Based in Chennai, MHRIL is a part of the infrastructure and realty vertical of the Mahindra Group.
To know more about the company's financial performance, subscribers can access to M&M's latest result analysisand M&M stock analysis on our website. M&M share price opened up by 2.3%.
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