Indian share markets witnessed selling pressure throughout the day today and ended marginally lower.
Benchmark indices failed to hold on to their slight recovery in the afternoon session and slipped as much as 1%, ahead of the expiry of October series derivative contracts.
At the closing bell, the BSE Sensex stood lower by 173 points. Meanwhile, the NSE Nifty ended down by 59 points.
L&T was the top loser in NSE. Meanwhile, the top gainers in NSE today include Asian Paints and Tech Mahindra.
SGX Nifty was trading at 11,660, down by 61 points, at the time of writing.
The BSE Mid Cap index ended on a flat note. The BSE Small Cap index ended down by 0.6%.
On the sectoral front, FMCG stocks and capital goods stocks witnessed selling pressure. Energy stocks, on the other hand, witnessed buying interest.
Asian stock markets ended on a negative note. As of the most recent closing prices, the Hang Seng ended down by 0.4% and the Shanghai Composite ended up by 0.1%. The Nikkei ended down 0.4%.
US stock futures are trading higher today indicating a positive opening for Wall Street indices.
Nasdaq Futures are trading up by 133 points (up 1.2%), while Dow Futures are trading up by 176 points (up 0.7%).
Gold prices are trading up by 0.1% at Rs 50,507 per 10 grams.
The rupee is trading at 74.11 against the US$.
In news from the FMCG sector, Pidilite Industries was among the top buzzing stocks today.
Pidilite Industries has entered into a definitive agreement with Huntsman Group (USA) to acquire a 100% stake in one of its subsidiaries in India, Huntsman Advanced Materials Solutions Private (HAMSPL).
The company's board on Wednesday approved this. The transaction is expected to close by next week.
Reportedly, this is for a cash consideration of approximately Rs 21 billion, excluding customary working capital and other adjustments.
Under the terms of the agreement, Huntsman will receive approximately 90% of the cash consideration at closing and balance 10% under an earnout within 18 months if the business achieves sales revenue in line with 2019.
In 2019, HAMPSL had reported a revenue of Rs 4 billion.
Pidilite also said that in addition to the Indian sub-continent business, the acquisition includes a trademark license for the Middle East, Africa, and ASEAN countries.
Pidilite Industries' share price ended the day up by 5.1%.
Moving on to news from the defense sector, Hindustan Aeronautics (HAL) today said that it has signed a Rs 4-billion contract with Tech Mahindra for implementation of Enterprise Resource Planning (ERP) to support its 'Project Parivartan'.
HAL CMD R Madhavan said 'Project Parivartan' is a comprehensive business transformation exercise initiated by the company through technology enhancement and centralized ERP.
He added that this exercise will help enable HAL to adopt some of the best practices followed in some of the similar industries globally.
Tech Mahindra will transform the distributed application to a centralized application for all of HAL's 22 divisions based on a business transformation engineering process, which includes implementation of supplier relationship management (SRM) and customer relationship management (CRM).
Hindustan Aeronautics' share price ended the day down by 0.6%.
Speaking of the defense sector, have a look at the chart below which shows the top 5 military spending countries in the world as of 2019:
According to a SIPRI (Stockholm International Peace Research Institute) report, India was the third-largest military in the world in 2019.
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