Sensex down 3% for the week.
With selling activity intensifying during the closing stages, indices in the Indian stock markets edged lower and closed deeper in the red. The BSE-Sensex closed down by 181 points, NSE-Nifty closed with losses of 46 points. S&P BSE Midcap and S&P BSE Smallcap indices too witnessed similar trends with the Mid Cap index losing 0.2%, while the Small Cap index fell by 0.8%. Capital goods and FMCG stocks were the biggest losers today.
Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.78%, while the Hang Seng led the Shanghai Composite lower. European markets are mixed today. The CAC 40 is up 0.27% while the DAX has gained 0.25%. The FTSE 100 is off 0.12%. The rupee was trading weak at 65.22 against the US$ at the time of writing.
As per a leading financial daily, Bharat Petroleum Corporation (BPCL) is in talks with foreign companies to sell a 24% stake in its 120,000 barrels per day (bpd) Bina refinery in Madhya Pradesh, which is jointly owned by BPCL and Oman's state oil firm. The company wants to boost the capacity of the refinery by about 30%. The expansion of the refinery reportedly could cost US$460 million and would be completed by 2018, which has started to make money after quarters of losses. BPCL and Oman Oil Company could make a public share offer next year if a deal is not sealed.
Furthermore, BPCL could also buy Latin American crude for its 190,000 bpd Kochi refinery in southern India once its capacity is raised to 310,000 bpd next year and its capabilities could be enhanced to process cheaper and heavier grades.
Given the plunge in oil prices during the year, companies from the downstream segment (retail) have seen their stock prices rise while those in the upstream segment (exploration and refining) have been battered. 2015 has been a mixed year for the stocks from the oil and gas sector. In our recent editions of '5 Minute Wrap Up', we highlight the companies that have outperformed the Indian benchmark and how oil prices play an important role in determining the fortunes of companies in the energy space.
HCL Technologies one of the leading global IT services provider has reportedly acquired Minneapolis-based PowerObjects - a leading North American provider of Microsoft Dynamics CRM. This will bolster HCL's global applications business, which offers transformational programs and complex application management for a myriad of clients' technology landscapes. This acquisition enables HCL to take advantage of the rapidly-growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market.
PowerObjects is a professional services firm completely focused on providing service, support, education and add-ons for Microsoft Dynamics CRM. HCL Technologies ended the trading on a negative note (down 0.78%) on the BSE.
