Indian Indices Open On A Positive Note; Metal & Realty Stocks Are In The Lead

Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.4% while the Hang Seng is up 1.3%. The Nikkei 225 is trading down by 0.3%.

Back home, India share markets have opened the day on a positive note. Sectoral indices have opened the day in green with metal stocks and realty stocks witnessing maximum buying interest.

The BSE Sensex is trading up by 81 points while the NSE Nifty is trading up by 35 points. The BSE Mid Cap index opened the day up by 0.4% while BSE Small Cap index opened up by 0.3%.

The rupee is currently trading at Rs 69.87 against the US$.

In the news from the energy sector, Reliance Industries share price is in focus today as the company's subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) entered into a binding agreement with renewable energy services company Kanoda Energy Systems Private Limited (KESL) for acquisition of equity shares for a cash consideration not exceeding Rs 750 million.

The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis.

Reliance Industries share price has opened the day up by 0.5%.

In the news from the aviation space, Jet Airways share price is witnessing buying interest today as the cash-strapped airline is in talks with SBI for raising Rs 15 billion short-term loans to meet its working capital requirement and some payment obligations.

Reportedly, Jet Airways' strategic partner and Middle-east carrier Etihad, which holds 24% stake in the Indian full-service carrier, is likely to provide a guarantee for the loan.

The Naresh Goyal-controlled airline, which has posted three consecutive quarterly losses of over Rs 10 billion each since March, already has as much as Rs 80 billion of debt on its books as on September 30. Rating agency ICRA has already cut the rating on Jet Airways borrowing programmes.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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