Opening Bell: Markets trade in red owing to weak global cues

Domestic equity markets opened on a weak note with negative developments.

The domestic market opened in red down by 306 points at a level of 57,915 following the negative sentiments in the global markets. The Nifty50 also slipped by 81 points and trades at a level of 17,250. The top gainers on the Sensex are Titan, Maruti Suzuki, HCL Technologies, Reliance Industries, and Bharti Airtel.

Watch out for these buzzing stocks in today’s session!

HFCL – The company announced that it has entered into an agreement with Qualcomm Technologies Inc for HFCL’s design and development of 5G outdoor small cell products. In continuation with its 5G strategy, HFCL’s investment in 5G outdoor small cell products will enable faster rollout of 5G networks, improved 5G user experience and more efficient utilization of the 5G spectrum. Global market research firm Fortune Business Insights forecasts worldwide 5G small cell market will increase from USD 740 million in 2020 to USD 17.9 billion by 2028 at a CAGR of 54.4%.

The Indian Hume Pipe Company – The company received a letter of acceptance (LoA) for the work of Rs 194.03 crore (excluding GST) from Maharashtra Jeevan Pradhikaran Division, Buldhana, under Jal Jeevan Mission Project for Jalgaon Jamod 150 villages Regional Rural Water Supply Scheme in Dist. Buldhana, Maharashtra. The project is to be completed within 24 months with a trial run for 12 months after completion of the project.

Quess Corp – The company has entered into definitive agreements to divest its stake in the digital risk and compliance services company, Simpliance Technologies Private Limited to Aparajitha Corporate Services, a leading HR compliance services company and its affiliates. The deal is valued at an enterprise value of Rs 120 crore, on a cash and debt-free basis, subject to closing adjustments and fulfilment of conditions set out in the transaction document.

Datamatics Global Services – The company has announced that they have entered into a partnership to help organizations enhance the automation of business operations. Scan-Optics digitizes, classifies, and migrates data – owning the lifecycle of digital data. Datamatics brings artificial intelligence and machine learning to the world of unstructured document automation and business processes.