Markets open flat, Nifty tests 10,700-mark
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NEW DELHI: The stock market which has been been under pressure of late opened in green but flat on Wednesday market.
The 50-share NSE Nifty which had closed 0.1 point below the 10,700-mark on Tuesday, was testing the psychological mark in morning trade. The other benchmark index Sensex was hovering around the 35,400-mark.
Asian bourses have stayed under the pump over the last week with US and China exchanging trade threats, resulting in sedate investor sentiments closer home.
On Wednesday morning, the Nifty Pharma sub-index was up half a per cent while metal and IT baskets were losing.
PowerGrid, Sun Pharma, HDFC and Reliance were the major gainers early on.
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Paytm is in talks with Zomato Ltd. to sell its movie and events ticketing business, according to people familiar with the matter, as the beleaguered fintech company carves a revival strategy amid weakening sales.
The discussions between Paytm, officially known as One97 Communications Ltd., and online food delivery firm Zomato are in advanced stages, though there are other suitors for the business, the people said, declining to be named as the matter is private. Talks are ongoing and no final decision has been made, the people said.
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The multi-crore Dharavi slum redevelopment project involves no land transfer to the Adani group but to the Maharashtra government's departments, and the Ahmedabad-based conglomerate, as a project developer, will build houses that will be handed over to the same departments for allotment to residents of Asia's biggest slums, sources said.
Denying allegations of land grab made by MP Varsha Gaikwad, sources close to the project said land parcels are to be transferred only to Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) of the state government's housing department.
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Five of the top-10 most valued firms together added Rs 85,582.21 crore in market valuation last week, with Life Insurance Corporation of India (LIC) emerging as the biggest gainer, in-line with positive trend in equities.
Last week, BSE benchmark Sensex climbed 299.41 points or 0.39 per cent. The 30-share barometer hit its all-time high of 77,145.46 on June 13.
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In a significant step towards enhancing green energy generation in the state, Assam Chief Minister Himanta Biswa Sarma laid the foundation stone for a 25-MW solar power generation project at the premises of the Namrup Thermal Power Station in Dibrugarh district on Friday.
A joint venture between the Assam Power Generation Corporation and Oil India Limited, the project will span 108 acres and is expected to cost Rs. 115 crore.
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South Korean automotive giant Hyundai Motor Co's Indian subsidiary, Hyundai Motor India Limited, has filed draft papers to the Securities and Exchange Board of India (Sebi) to raise around $3 billion through an initial public offering (IPO), aiming for a valuation between $18 billion to $20 billion, according to a report in Moneycontrol.
If the listing proceeds as planned, this transaction, which is a pure Offer For Sale (OFS) by the promoter.
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