Moneycontrol Bureau11:50 am Big bull: When general indicators like commodity prices fall, India finds itself in a relatively positive trade space, says Helios Capital's Samir Arora. India will certainly get affected if there is a global disturbance of humongous scale, but it certainly is not facing a rocky terrain, he told CNBC-TV18. On the P-note issue unsettling the market, he said the government has already clarified it will not act in a hurry and "I don't think it is coming in the short-term." Arora says many foreign institution investors choose to invest through P-notes. Indian equities are good, India is relatively well-placed, and the government has shown --so it is a long-short market.11:30 am Hero acquisition: The country's largest two-wheeler maker Hero MotoCorp will acquire certain assets of Eric Buell Racing for USD 2.8 million as part of a settlement agreement with court-appointed receiver in the bankruptcy matter of the US-based company.
The settlement agreement was signed between HMCL (NA) Inc and HMCL Americas Inc - both entities of Hero MotoCorp Ltd (HMCL) - and the receiver appointed by the Circuit Court, Wisconsin, US, in the bankruptcy matter filed by Erik Buell Racing (EBR) and Erik Buell LLC, the company said in a filing to the BSE.
"As part of the settlement, the HMCL Americas has agreed to acquire the ownership of certain tangible and intangible assets of EBR Entities, free and clear of all encumbrances, for a consideration of USD 2.8 million," the company said.
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The market is going flat as the Sensex is up 0.34 points at 27561.72. The Nifty up 4.85 points at 8365.85. About 1279 shares have advanced, 949 shares declined, and 128 shares are unchanged.
BHEL, HDFC Bank, Dr Reddy's Labs, L&T and Maruti Suzuki are top gainers in the Sensex. Among the top losers are Tata Motors, Hero MotoCorp, Tata Steel, Cipla and Bharti Airtel. Realty index fell 2 percent from previous close while Capital Goods index is up 0.6 percent.
Oil prices fell close to four month lows in early Asian trade after stock market sell-offs on both sides of the Pacific rattled investor sentiment about the Chinese economy, adding to concerns about a global oil glut.
Both the dollar and euro held steady in early Asian trade after the dollar index slipped 0.7 percent in the previous session. The euro surged to a two-week high overnight, which had helped to support oil prices.
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