Majority of Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.23% while the Hang Seng is up 0.17%. The Nikkei 225 is trading down by 0.22%. Wall Street’s major indices extended the New Year rally to close at record levels on Tuesday on investor optimism ahead of quarterly earnings reports and hopes for easing tensions with North Korea.

Back home, India share markets opened the day on a flattish note. The BSE Sensex is trading higher by 23 points while the NSE Nifty is trading higher by 1 point. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 0.2%.

Sectoral indices have opened the day on a mixed with healthcare stocks and energy stocks witnessing maximum buying interest. While, consumer durables sector and capital goods sector opened the day in red. The rupee is trading at 63.47 to the US$.

Bank stocks have opened the day on a mixed note with Karur Vysya Bank and Dhanlaxmi Bank being the most active stocks in this space. As per an article in a leading financial daily, Axis Bank is looking to acquire a life insurance business. The bank’s executive committee had approved the move in the December quarter.

Among possible targets are IDBI Federal Life Insurance and Tata AIA, the reports noted.

With a strong retail franchise and bancassurance experience with partner Max Life Insurance, in which it has a 4.99% stake, Axis Bank is well placed to explore insurance opportunities.

One shall note that, Axis Bank raised about Rs 117 billion from Bain Capital through a sale of shares and warrants in November last year.

Reportedly, Axis Bank’s decision was triggered by Max’s promoters seeking to exit life insurance through a merger with HDFC Life Insurance, although this move later collapsed. However, after Axis Bank bid for IDBI Federal Life Insurance, preliminary talks did take place with Max.