Sensex Opens Flat; Banking and Telecom Stocks Gain

Wed, 27 May 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.3% while the Hang Seng is down 0.6%. The Nikkei 225 is trading flat. US stocks closed higher on Tuesday on optimism about the development of coronavirus vaccines and a revival of business activity, but the S&P 500 failed to hold above the key psychological level of 3,000 points.

Back home, India share markets opened higher. The BSE Sensex is trading up by 69 points while the NSE Nifty is trading up by 25 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.3% and 0.4% respectively.

Sectoral indices are trading mixed with banking stocks and telecom stocks witnessing buying interest. Consumer durables and power stocks are trading in the red.

Moving on, gold prices are currently trading down 1.4% at Rs 46,322.

The rupee is currently trading at 75.66 against the US$.

Yesterday, Indian rupee ended near day's high level at 75.66 per dollar, amid buying seen in the domestic equity market.

It opened higher by 27 paise at 75.68 per dollar versus Friday's close of 75.95.

In the current scenario, the path for the local currency looks bumpy.

Massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in 2020.

The rupee hit a record low of 76.92 against dollar in April.

Most of the selling pressure for rupee was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

Rupee Continues Downtrend

Moving on to the news from FMCG sector. As per an article in a leading financial daily, ITC has entered into a Share Purchase Agreement (SPA) to acquire 100% of the equity share capital of Sunrise Foods subject to fulfilment of various terms and conditions as specified in the SPA.

Sunrise Foods is an Indian company primarily engaged in the business of spices under the trademark 'Sunrise'.

The proposed acquisition is aligned with ITC's strategy to rapidly scale up its FMCG Businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.

The proposed acquisition will augment the company's product portfolio and is aligned to ITC's aspiration to significantly scale up its Spices business and expand its footprint across the country.

ITC share price opened the day down by 1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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