Key benchmark indices pared gains after opening higher. The S&P BSE Sensex and the CNX Nifty was almost flat. The Sensex was currently down 4.54 points or 0.02% at 28,063.02. The market breadth indicating the overall health of the market was strong. Asian stocks were mostly higher.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Thursday, 20 November 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 477.15 crore on that day.
Kotak Mahindra Bank and ING Vysya Bank jumped after Kotak Mahindra Bank agreed to amalgamate ING Vysya Bank with itself. Tech Mahindra rose signing a definitive agreement to acquire global network services, leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million.
At 9:20 IST, the S&P BSE Sensex was down 4.54 points or 0.02% at 28,063.02. The index rose 60.62 points at the day's high of 28,128.18, at onset of the trading session. The index fell 8.01 points at the day's low of 28,059.55 at onset of the trading session.
The CNX Nifty was up 1.75 points or 0.02% at 8,403.65. The index hit a high of 8,415.65 in intraday trade. The index hit a low of 8,399.05 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 706 shares gained and 417 shares fell. A total of 42 shares were unchanged.
The BSE Mid-Cap index was up 32.22 points or 0.32% at 10,235.95. The BSE Small-Cap index was up 38.68 points or 0.34% at 11,375.41. Both these indices outperformed the Sensex.
Also Read
Among the 30 Sensex shares, 21 rose and the remaining shares declined.
Kotak Mahindra Bank rose 4.23% and ING Vysya Bank rose 1.94% after Kotak Mahindra Bank agreed to amalgamate ING Vysya Bank with itself.
Kotak Mahindra Bank's board of directors at its meeting held yesterday, 20 November 2014, considered and granted its approval for the amalgamation of ING Vysya Bank with Kotak Mahindra Bank. The board has approved the share swap ratio of 725 equity share of Rs 5 each of Kotak Mahindra Bank for every 1000 equity shares of Rs 10 each held in ING Vysya Bank. Post-amalgamation, shareholders of ING Vysya Bank will receive shares of Kotak Mahindra Bank in the aforementioned ratio, resulting in change in shareholding of Kotak Mahindra Bank.
The proposed consolidation is founded on leveraging significant complementarities that exist between both the banks, particularly relating to branch network, product offerings and customer segments, Kotak Mahindra Bank said. This revenue synergy led and growth oriented amalgamation, adopting best practices of banking, governance and prudence from both banks, is expected to result in a superior platform benefitting from efficiencies of size and scope over time for all stakeholders such as shareholders, customers, and employees, Kotak Mahindra Bank said. The amalgamation does not fall within the purview of related party transactions, the bank added.
Meanwhile, the board of ING Vysya Bank approved the proposed amalgamation with Kotak Mahindra Bank. The board has approved the share swap ration of 725 equity share of Rs 5 each of Kotak Mahindra Bank for every 1000 equity shares of Rs 10 each held in ING Vysya Bank.
Tech Mahindra rose 0.70%. The company after market hours yesterday, 20 November 2014 said that it has signed a definitive agreement to acquire global network services, leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. The transaction is expected to close by Q4 of Tech Mahindra's 2015 fiscal year, the company said in a statement. Headquartered in McLean, Virginia, LCC is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry, with more than 5,000 employees in over 50 countries.
NHPC was up 0.25%. The company after market hours yesterday, 20 November 2014 said that due to some fault in one of the GSU transformer of Unit 2 of Uri II power station, a fire has broken out in the power station on 20 November 2014. It has resulted in a thick blanket of smoke inside the power house. The power station has been immediately shutdown. All the operating staff came out safely, NHPC said. Fire fighting system/fire tenders have been mobilized from Srinagar & Uri I power station, the company added. People are not able to go inside the power house due to heavy smoke. Efforts are being made to control the fire by taking the help of fire department of J&K, NHPC said.
Yes Bank rose 2.12%. The Reserve Bank of India (RBI) on Thursday, 20 November 2014, notified that the aggregate share holdings in Yes Bank by Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPI)/Non-Resident Indians (NRI)/Persons of Indian Origin (PIO) and through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Direct Investment (FDI) have gone below the prescribed threshold caution limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect. Equity shares of Yes Bank can now be purchased through primary market and stock exchanges, RBI said in a statement.
Asian markets were mostly higher Friday, 21 November 2014, tracking strong closing in the US market. Key benchmark indices in Indonesia and Japan were off 0.04% to 0.78%. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Taiwan were up 0.10% to 0.75%.
US stocks edged higher on Thursday, 20 November 2014, afternoon as data showed further strength in the US economy and Intel gave an upbeat forecast.
Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained.
Tech shares helped to lead the day's gains after Intel's revenue outlook for 2015 was above Wall Street's expectations and the company also raised its dividend. Intel shares climbed 3.8% to $35.65, giving a boost to all three major indexes.
Powered by Capital Market - Live News