Key indices dipped in negative zone in mid-morning trade, erasing early gains. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 23.25 points or 0.06% at 38,838.98. The Nifty 50 index was down 19.70 points or 0.17% at 11,646.25. Most realty stocks gained.
Domestic stocks nudged higher in early trade on positive Asian stocks. A divergent trend was witnessed in morning trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with tiny losses.
The S&P BSE Mid-Cap index was off 0.03%. The S&P BSE Small-Cap index was up 0.31%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1191 shares rose and 970 shares fell. A total of 130 shares were unchanged.
Most realty stocks gained. Prestige Estates Projects (up 1.14%), and Oberoi Realty (up 1.68%), Indiabulls Real Estate (up 7.45%), Housing Development and Infrastructure (up 5.26%), D B Realty (up 0.8%) and Sobha (up 1.02%) rose. DLF (down 5.73%) and Godrej Properties (down 2.5%) fell.
NIIT rose 17.97% to Rs 112.60 after the company said Baring Private Equity Asia will acquire 30% stake in NIIT Technologies from NIIT and other promoter entities. Shares of NIIT Technologies was down 2.89% at Rs 1310.50.
Funds affiliated with Baring Private Equity Asia ("BPEA"), have signed definitive agreements to purchase approximately 1.88 crore NIIT Technologies shares (approximately 30% shareholding on a fully diluted basis in NIIT Technologies) from NIIT and other promoter entities at a price of Rs 1394 per share. The aggregate consideration for purchase of shares from promoter entities is estimated to be approximately Rs 2627 crore. The announcement was made on Saturday, 6 April 2019.
BPEA made an open offer to the public shareholders of NIIT Technologies to purchase up to 26% additional shareholding at a price of Rs 1394 per share. The aggregate consideration for purchase of shares from promoter entities and the open offer is estimated to be up to approximately Rs 4890 crore based on ownership of approximately 56% stake.
As on 31 December 2018, promoters held about 1.88 crore shares, or 30.58% equity, in NIIT Technologies. This includes about 1.44 crore shares, or 23.51% equity, held by NIIT.
Overseas, Asian shares edged higher on Monday as investors cheered a much-needed rebound in US payrolls, while looking forward to more policy stimulus in China.
U.S. stocks closed higher Friday, as investors cheered a solid jobs report and upbeat comments on prospects for a U.S.-China trade deal.
Chinese President Xi Jinping reportedly said in a letter to US President Donald Trump that substantial progress had been made in U.S.-China talks over the past months and called for negotiations to be wrapped up as soon as possible.
March jobs report showed that the U.S. economy added 196,000 new jobs. The Labor Department's official measure of unemployment held steady at 3.8%. Wage growth remained modest, with average hourly earnings rising 4 cents to $27.70, a year-over-year increase of 3.2%, down from 3.4% in February.
On the Brexit front, U.K. Prime Minister Theresa May is still searching for a new plan to secure a delay to Brexit from EU leaders at a summit on Wednesday. U.K. lawmakers have so far failed to approve a withdrawal agreement, with the world's fifth-largest economy set to leave the bloc on April 12.
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