Sensex Trades Flat; FMCG & Power Stocks Drag

Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the power sector and FMCG sector witnessing selling pressure while telecom stockshealthcare stocks, and finance stocks are witnessing buying interest.

The BSE Sensex is trading down by 7 points, while the NSE Nifty is trading down by 10 points. The BSE Mid Cap index is trading down by 0.3% and the BSE Small Cap index is trading down by 0.1%.

The rupee is trading at Rs 69.64 against the US$.

The domestic currency fell by 24 paise to 69.78 against the US dollar in opening trade today on increased demand for the greenback from importers and bank. A continuous rise in global crude oil prices also kept rupee under some pressure, restricting its gains.

The rise in oil prices has been supported by planned cuts to Saudi exports and a reduced forecast for US crude output.

On Wednesday, the Indian rupee registered its third straight session gains, to close at a fresh two-month high of 69.54 on sustained foreign fund flows.

In the latest developments from the IPO space, the initial public offering (IPO) of government-owned MSTC was subscribed 5% on the first day. As per an article in a leading financial daily, the issue received bids for 8,10,180 shares against 17 million shares on offer.

The government has proposed to offload 25%, of total paid-up equity in the largest B2B e-commerce company in India. The issue by the Kolkata-headquartered firm will be closed on March 15.

The company's three main business verticals are e-commerce, trading, and recycling.

With over 1,90,000 auctions serving over 1,10,000 users as of 31 December 2018, the company is the preferred service provider for various governments and government-controlled entities. The trading firm has conducted 28,600 auctions/events during 2017-18 and 30,500 auctions/event for nine months ended 31 December 2018.

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