Stock markets in India continued to trade strong in the afternoon session and finished well above the dotted line. At the closing bell, the BSE Sensex stood higher by 216 points, while the NSE Nifty finished up by 66 points.
Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.7% and 0.6% respectively.Gains were largely seen in oil & gas stocks, power stocks & autostocks.
Bharti Airtel share price finished up by 1.8% in today's trade after the company entered into an agreement with Millicom International Cellular S.A. (Millicom) for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity.
Information technology (IT) stocks came under pressure and finished in red as the United States announced that from April 3 it would temporarily suspend the 'premium processing' of H-1B visas that allowed some companies to jump the queue as part of its efforts to clear the backlog.
Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.48% and the Hang Seng rose 0.18%. The Nikkei 225 lost 0.46%.European markets are lower today with shares in Germany off the most. The DAX is down 0.57% while London's FTSE 100 is off 0.37% and France's CAC 40 is lower by 0.32%.
The rupee was trading at Rs 66.76 against the US$ in the afternoon session. Oil prices were trading at US$ 53.08 at the time of writing.
According to a leading financial daily, Foreign Direct Investment (FDI) into the country's services sector increased by 77.6% to US$7.55 billion during April- December 2016-17 supported by government's various initiatives to improve ease of doing business, as compared to US$ 4.25 billion in the same period last year. Moreover, the overall foreign inflows in the country increased by 22% to US$35.84 billion during April-December 2016-17.
FDI is considered crucial for economic development of a country and to attract maximum FDI into the country, the government has been relaxing the foreign investment norms in various sectors.
Moving on to news from stocks in pharma sector. Cipla share price finished the trading day on an optimistic note (up 0.4%) after it was reported that the company has entered into agreements with the group companies of Ascendis Health, South Africa.
In another development, Dr Reddy's Laboratories Ltd has announced the completion of the acquisition of 100% stake in Imperial Credit Private Ltd, a non-banking finance company, based in Kolkata.
Dr Reddy's Laboratories share price finished the trading day down by 0.6% on the BSE.
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