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Markets snap five day losing streak
Wed, 8 Jan Closing

Indian equity markets started the day on a positive note and continued this trend throughout the day. The markets gained for the first time in 2014 snapping a 5-day losing streak. However, upside gains remained capped as sales by foreign institutional investors in the previous three sessions weighed on investor sentiment. Pharma and Auto stocks were the biggest gainers. While the BSE Sensex closed higher by 36 points, the NSE-Nifty closed higher by 12 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the green. European indices have opened in the red. The rupee was trading at Rs 62.1 to the dollar at the time of writing.

Wipro has signed a definitive agreement to acquire Opus CMC (Opus Capital Markets Consultants LLC), one of the leading US-based providers of mortgage due diligence and risk management services for a purchase consideration of US $75 m that includes a deferred earn-out component. The acquisition will strengthen Wipro's mortgage solutions and outsourcing business and complement its existing offerings in mortgage origination, servicing and secondary market.

ONGC's overseas arm ONGC Videsh Limited (OVL) and Oil India have completed the acquisition of Videocon Group's 10% stake in the Rovuma Area 1 offshore block in Mozambique for US$ 2.47 bn. The 10% stake will be split in 60:40 ratio between OVL and Oil India. Payments to Videocon to close the deal were made yesterday. OVL raised about US$ 1.5 bn in one-year bridge loans from foreign lenders, while Oil India borrowed US$ 900 m to fund their respective share of payments to Videocon. Area 1 has the potential to become one of the world's largest LNG producing hubs and is strategically located to supply LNG to the growing Indian gas market.

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