Sensex Trades Higher; Kotak Mahindra Bank Surges 10%

Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the bank sector and FMCG sector witnessing maximum buying interest while oil & gas stocks and PSU stocks are witnessing selling pressure.

The BSE Sensex is trading up by 181 points (up 0.5%), while the NSE Nifty is trading up by 46 points (up 0.4%). The BSE Mid Cap index is trading on a flat note and the BSE Small Cap index is trading down by 0.2%.

The rupee is trading at Rs 70.54 against the US$.

In the news from the IT sector, HCL technologies share price is witnessing selling pressure today after the company said it is acquiring select IBM software products for $1.8 billion.

On Thursday, International Business Machines Corp said that it will sell some of its software products business to HCL technologies. This is the largest acquisition in the history of HCL which is expected to close by mid-2019.

Reportedly, the software products in scope represent a total addressable market of more than $50 billion. The company will divest seven of its products which include BigFix, Unica and work-stream collaboration product Connections.

To know more about the company, you can access HCL Tech Q2FY19 result analysis and HCL Tech Annual Report on our website.

In the news from the aviation space, Jet Airways share price is in focus today on news that Etihad Airways has offered to finance as much as $200 million to Jet Airways to keep the airline operational.

The cash-strapped airline is already behind schedule on payment of its aircraft lease rentals and has not paid staff salaries in full for the past few months.

Rating agency ICRA downgraded the airline's credit rating to 'B' which is assigned to loan facilities with a high risk of default. Earlier this week, it canceled 14 flights after pilots did not turn up for duty, protesting salary dues. Reportedly, the customers are not getting a refund even for flights canceled by the airlines.

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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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