Sensex Ends Marginally Higher; PSU Banks And FMCG Stocks Witness Buying

Indian share markets witnessed buying interest during closing hours and ended the day on a positive note. Gains were seen in the capital goods sector and FMCG sector.

At the closing bell, the BSE Sensex stood higher by 89 points (up 0.2%) and the NSE Nifty closed higher by 5 points. The BSE Mid Cap index closed down by 0.3%, while the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood lower by 0.9% and the Nikkei was trading down by 0.7%.

European markets were trading on a negative note. The FTSE 100 was down by 0.5%. The DAX was trading down by 0.6%, while the CAC 40 was down by 0.4%.

The rupee was trading at 70.03 to the US$ at the time of writing.

In the news from the telecom sectorBharti Airtel share price was in focus today. Bharti Airtel's board of directors have approved a rights issue to the eligible shareholders for an amount up to Rs 250 billion.

Promoters of the company along with Singapore government's investment arm GIC Private Ltd will subscribe to over half of the proposed Rs 320 billion rights issue in a bid to infuse funds in the company.

As per an article in a leading financial daily, promoter Singapore Telecommunications (SingTel) will subscribe to 170 million shares in the Airtel's rights issue for a total consideration of Rs 37.5 billion.

Here's an excerpt from the article:

  • The promoter and promoter group also reserves the right to subscribe either itself or through investors for additional shares in the Issue, including in the event of under-subscription by public, in accordance with the applicable laws.

    The rights issue reiterates the confidence of our shareholders in the competitive strength and sound business strategy of Airtel. It shall further strengthen our balance sheet with desired financial flexibility so as to meet future opportunities, particularly in the rapidly transforming Indian mobile market.
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