Indian Indices Open Flat

Thu, 1 Sep 09:30 am

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Major Asian stock markets have opened the day on mixed note with the stock market in China trading lower by 0.3%. While, the stock market in Hong Kong is trading higher by 0.6%. Benchmark indices in Europe and the US ended their previous session in red with stock markets in Germany ending the day lower by 0.6%. The rupee is trading at 66.98 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 10 points (up 0.04%) and the NSE Nifty is trading higher by 7 points (up 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.2% respectively.

Barring telecom sector, major sectoral indices have opened the day on a positive note. Stocks from oil & gas and metal sector are witnessing maximum buying interest.

As per an article in Livemint, Zee Entertainment Enterprise Ltd (ZEEL) sells its sports network TEN Sports to Sony Pictures Network. This deal struck is an all cash deal worth US$ 385 million.

This is a landmark deal for ZEE, as the deal is a step towards a strategic shuffle of its portfolio of channels as the broadcaster seeks to expand its general entertainment business.

TEN Sports had bagged the rights to get access to matches hosted by the cricket boards of South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe. In addition, it has the rights to World Wrestling Entertainment (WWE), UEFA Champions League (football league) and many other sporting events such as the Asian and Commonwealth Games.

In the fiscal year ended 2015-16, the sports channel contributed to 10.7% of the company's revenues and registered a loss of Rs 0.3 billion. The move will help the company to focus its energy on the core general entertainment business, which is the company's forte. The stock is trading higher by 0.25%.

In another news update, India's gross domestic product (GDP) grew by 7.1% in the June quarter, the slowest levels as seen in the preceding six quarters.

The drag was mainly on account of slower industry growth. Mining sector de-grew by 0.4%. While, the construction sector grew marginally by 1.5%. During the same quarter a year ago, the two sectors had grown by 8.5% and 4.5% respectively.

Reportedly, the Gross fixed capital formation, which is used as a proxy for investment demand in the economy continued to contract by 3.1% in the June quarter against a dip of 1.9% during the March quarter. This gives a signal that there is no pick-up in private investment activity in the economy.

However, going forward the boost to the agriculture sector on the back of normal rainfall and a push to urban consumption from the pay hike are expected to considerably push economic growth in the remaining quarters of 2016-17. RBI too in its annual report of 15-16, forecasts the Indian economy to grow at 7.6% in 2016-17.

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