Sensex Ends 241 Points Lower; Realty And Banking Stocks Witness Selling

India share markets witnessed selling pressure today after Pakistan claimed that the Indian Air Force (IAF) has violated the Line of Control (LoC), following which the former scrambled immediately. Pakistan's claim comes in the wake of tense relations between the two countries in the aftermath of the Pulwama terror attack.

At the closing bell, the BSE Sensex stood lower by 241 points (down 0.7%) and the NSE Nifty closed down by 48 points (down 0.4%). The BSE Mid Cap index ended the day down 0.3%, while the BSE Small Cap index ended the day down 0.5%.

Sectoral indices ended in the red with stocks in the realty sector and banking sector witnessing most of the selling pressure.

The rupee was trading at 71.05 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.6% and the Shanghai Composite was down by 0.7%. The Nikkei 225 was down 0.4%.

Thermax share price was in focus today as the company stated it has entered into definitive agreement to acquire a stake in joint venture company.

As per the news, the company has entered into definitive agreement with Mutares Holding-24 AG, Germany, and Balcke-Duerr GmbH, Germany, JV partners of Thermax SPX Energy Technologies (TSPX) to acquire their shareholding in the TSPX - a JV and subsidiary company in India.

Post-transfer of shares TSPX will become the wholly owned subsidiary of the company.

The stock of the company witnessed buying interest in today's session on the back of the above news.

Speaking of stake acquisition, joint ventures and foreign players investing in India note that many private equity funds have joined hands to increase their controlling stakes in Indian investments lately.

Here are some examples...

  • A joint venture between Brookfield Asset Management Inc. and State Bank of India for distressed assets.
  • The acquisition of a stake in Mankind Pharma by ChrysCapital, GIC and the Canada Pension Plan Investment Board.
  • Resurgent Power Ventures Pvt. Ltd, a platform created by Tata Power and ICICI Venture, raising capital from Kuwait Investment Authority and State General Reserve Fund of Oman.
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