After opening the day in the green, stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks in the metal sector and energy sector witnessing maximum buying interest.
The BSE Sensex is trading up 94 points (up 0.3%) and the NSE Nifty is trading up 26 points (up 0.2%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.7%. The rupee is trading at 63.53 to the US dollar.
As per a leading financial daily, Capital First said that it is exploring various opportunities on a continuous basis amid market talk that company could be considering a merger with IDFC Bank, which is up for sale.
The company stated that it is evaluating various opportunities on a continuous basis and the company, as the matter of policy, does not comment on market speculation.
There have been market talks that the Mumbai-based non-banking finance company (NBFC) is considering merger with IDFC Bank. If the merger goes through, it would create a financial company with a market value of around Rs 290 billion.
At the time of writing Capital First share price was trading down by 0.6%.
In the news from the commodity space, crude oil is witnessing selling pressure today.
Prices eased after hitting their highest levels since December, 2014 this week. This was seen amid a sell-off and speculations that the rally might have little room left to run.
However, despite the correction, the ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia kept prices in check. These production cuts signal a healthy demand growth for oil in 2018.
In the news from the IPO space, Apollo Micro Systems is going to conclude its IPO offer today. The company’s IPO was subscribed around 9 times on its second day of the offer.
The company intends to raise Rs 1.5 billion from its public offering.
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