Majority of Asian stock indices are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.77%, while the Hang Seng is up 0.55%. The Nikkei 225 is trading down by 0.11%. US stocks closed mostly higher Friday on new hopes for reform, with the Dow Jones industrial average notching its first weekly gain in the last three weeks.
Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 133 points while the NSE Nifty is trading higher by 40 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.4% & 0.5% respectively.
Infosys share price surged 4% in the opening trade after the return of former CEO Nandan Nilekani as non-executive chairman. This gave the much-needed solace to stakeholders, who saw their morale shaken after the open tussle between the board and the founders last week. First, the sudden exit of MD and CEO Vishal Sikka and then resignations of the entire board, except two members.
Sectoral indices have opened the day on a mixed note with stocks from information technology sector and realty sector leading the pack of gainers. While, consumer durables stocks and energy stocks have opened the day in red. The rupee is trading at 64.07 to the US$.
Real Estate stocks opened the day on a mixed note with Ansal Housing and Unity infraprojects witnessing maximum buying interest. As per an article in a leading financial daily, DLF has entered into a joint venture (JV) with GIC to build rental assets in India after its promoters sold a 33.3% stake in the rental arm, DLF Cyber City Developers Ltd (DCCDL) to the Singapore sovereign wealth fund.
The partnership will enable sustainable, long-term growth of DCCDL’s rental business and create an optimum structure for its rental business to improve efficiency, with long-term capital for growth of the portfolio.
