Nifty hovers around 7750, Sensex firm; Infibeam shares surge 8%

Moneycontrol Bureau10:45 am Market Expert: Dipen Sheth of HDFC Securities is bullish on equities from a one to two year perspective, he tells CNBC-TV18. Sheth's bullishness arises from the improvement in macroeconomic conditions.However, Sheth cautions that monsoon is still cause of concern for now.10:30 am Hexaware in news: Baring Asia is planning to sell a 20 percent stake in IT services firm Hexaware through block deals on the stock exchanges, CNBC-TV18 reports, quoting sources.Baring Asia holds 71 percent stake in Hexaware, and had been wanting to sell its entire stake.Baring had paid Rs 135 per share for the stake around three years back, and the stock price has almost doubled since then.However, sources say the sale process is facing hurdles as buyers feel valuations are expensive.Baring was initially looking to sell its entire 71 percent stake, but it is now learnt that the plan has been dropped. 10:15 am Mphasis deal: Blackstone India has entered into a definitive agreement with Hewlett Packard to buy a majority stake in Mphasis Limited, the private-equity firm announced this morning.This deal represents the largest acquisition by Blackstone in India and is the largest private equity transaction in India.HP currently owns 60.5 percent of Mphasis. Blackstone will pay a purchase price of Rs 430 per share to HP. As per the takeover code, this transaction will trigger a mandatory open offer for a purchase of additional 26 percent shares of the company.Marble II Pte Ltd, Marble I Pte Ltd and Blackstone Capital Partners have "made an open offer to the public equity shareholders of Mphasis Ltd to acquire up to 54,928,161 fully paid-up equity shares of face value of Rs 10 each, representing 26 percent of the total voting equity share capital... at a price of Rs. 457.54 per share," for a total price of about Rs 2,513 crore, Mphasis informed exchanges today.Also read - Market may see minor correction if RBI cuts 25 bps: Udayan10:00 am Market Check

Equity benchmarks continued to see buying interest with the Sensex rising 103.94 points to 25373.58 and the Nifty climbing 35.15 points to 7748.20. The market breadth remained strong as about more than two shares advanced for every share falling on BSE. The broader markets gained 0.5 percent.

Infibeam Incorporation shares started off day with gain of 5.8 percent on debut Monday. The stock listed at Rs 457 on National Stock Exchange against issue price of Rs 432. It is the first e-commerce player in the country that listed on exchanges today. The company raised Rs 450 crore through public issue that was opened during March 21-23 and subscribed 1.11 times.Infosys, Tata Motors, Wipro, Adani Ports, Dr Reddy's Labs and Hindalco gained 1-2 percent while ITC and Lupin fell 1 percent.