Wednesday September 5, 10:30 AM
Robust start... |
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By Equitymaster.com
The markets have opened today's proceedings on a firm note as buying is being witnessed across sectors. Currently, only 13 stocks on the Nifty are trading in the green indicating optimism among the investors. Buying is being witnessed across power, banking, pharma and software stocks. The CNX Midcap index is also up 1%.
The BSE Sensex is trading at 15,566 (up 101 points) while the NSE Nifty is trading at 4,502 (up 23 points). The rupee is trading at 40.78 to the dollar.
As per a leading business daily, hotel major, Indian Hotel's (IHCL) plan to enter the Chinese hospitality segment has not materialised. The company management has put plans on a hold after a joint venture being lined up fell through. IHCL was entering the hospitality market in China through a joint venture with a Chinese real estate developer to set up a 400 room luxury hotel in Beijing. The company was planning to invest US$ 20 m for a 30% stake in the venture. The hotel major was looking at entering China seeing the huge opportunity there. The company has been looking at expanding its global reach and China was a part of this strategy. Though the plan has been put on hold currently, IHCL has acquired land in a prominent location in Beijing. Further the company has also entered into a marketing alliance with Okura Hotels of Japan in order to promote cross-promotional opportunities of both companies. This will enable the customers from both countries to avail of a slew of benefits in selected hotels of Taj and Okura that comprise reservations from hotels, travel benefits and mutual exchanges of staff for training. This would help IHCL expand its presence across the globe. The stock, along with peer Hotel Leela, is up 1%.
In the US markets yesterday, reports regarding the Federal Reserve considering cutting interest rates led to the stocks ending the day in the green. All the three indices the Dow Jones, tech laden NASDAQ and the S&P index ended up 1%. The oil prices rose to US$ 75.1 per barrel. As regards global markets, the European indices ended into the positive yesterday, while the Asian indices are currently witnessing a mixed trend.
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