Asian equity markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.08%, while the Hang Seng is down 0.03%. The Nikkei 225 is trading down by 0.27%. Most of the European markets ended Wednesday's session with nominal gains.
Meanwhile, share markets in India have opened the day on a flattish note. The BSE Sensex is trading higher by 29 points, while the NSE Nifty is trading higher by 7 points. The BSE Mid Cap Index and BSE Small Cap index opened the day up by 0.3% & 0.4% respectively.
Barring power stock, metal stocks and information technology stocks, all sectoral indices have opened the day in the green with realty stocks and healthcare stocks leading the pack of gainers. The rupee is trading at 64.72 to the US$.
Lupin share price continued to rise after the company announced the launch of generic version of a conjunctivitis drug in the US market.
In the news from the economy. According to the Nikkei India Services Purchasing Managers' Index (PMI), services sector activity in India rose to an eight-month high of 53.1 in June. The growth was mainly driven by a sharp jump in new work orders, suggesting an economic rebound going forward.
PMI, which tracks services output on a monthly basis, increased to 53.1 in June, from 52.2 in May, signalling a solid and accelerated upturn in output across the sector.
Surging Ahead
Reportedly, June's figure contributed to the highest quarterly average for the composite PMI (52.2) since Q2 (FY) 2016. This suggests that GDP growth is likely to rebound from the sharp slowdown noted in the first three months of 2017.
Though input prices rose significantly, firms did not fully pass that on to customers, suggesting overall inflation in coming months could remain below the Reserve Bank of India's medium-term target of 4%.
Further, India's annual consumer price inflation eased to 2.18% in May, driven down by cooling food prices, and further falls could pressure the central bank to cut interest rates by the end of this year.
Moving on to the news from the . As per an article in a leading financial daily, ONGC's subsidiary, ONGC Videsh has signed a definitive binding agreement with Tullow Namibia Limited for the purchase of 30% participating interest in three blocks, offshore Namibia.
The company will acquire 30% participating interests under Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements out of Tullow's existing participating interest of 65% in the license.
Tullow is the licensed operator and will continue to remain so even after the purchase by ONGC Videsh.
The completion of the present transaction would mark ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio.
ONGC share price opened the day down by 0.3%.
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