Share Market LIVE: Sensex, Nifty stare at gap-up start; Reliance Industries buys New York’s Mandarin Oriental

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bulls are looking to maintain control on Dalal Street on Monday as benchmark indices Sensex and Nifty 50 are staring at a flat opening amid mixed global cues. SGX Nifty hinted at a flat to positive start as the Nifty futures were trading around 17,919 level on the Singaporean Exchange today. Asian stocks were flat ahead of US inflation data and expectations of rate hike from the Fed. South Korea’s Kospi index fell 1.18%, the Kosdaq was down 1.7%. While Japan’s markets are closed for a public holiday, MSCI’s broadest index of Asia-Pacific shares outside Japan was near flat. The market ended higher on Friday (January 7) amid buying seen in the bank, metal, FMCG and oil & gas stocks.

Shares of Reliance Industries will remain in focus as Mukesh Ambani-led RIL announced late on January 8 that it had entered a pact to acquire New York-based premium luxury hotel the Mandarin Oriental. The acquisition is a part of RIL’s strategy to expand its consumer and hospitality footprint. “RIIHL (Reliance Industrial Investments and Holdings) would acquire the remaining 26.63 percent, based on the same valuation used for the acquisition of the indirect 73.37 percent stake,” RIL said in its regulatory filing. The pact to acquire New York-based premium luxury hotel the Mandarin Oriental is for an equity consideration of around $98.15 million.