Majority of Asian indices are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.41% while the Hang Seng is down 0.05%. The Nikkei 225 is trading up by 0.02%. US stocks closed higher on Monday as market participants prepared for an expected Federal Reserve rate hike later in the week, while stocks rose around the world on continued solid global economic growth indicators.

Back home, India share markets have opened the day on a negative note ahead of November WPI data. The BSE Sensex is trading lower by 103 points while the NSE Nifty is trading lower by 27 points. The BSE Mid Cap index opened down by 0.1% while BSE Small Cap index opened the day on a flat note.

Barring healthcare stocks, metal stocks and energy stocks, all sectoral indices have opened the day in red with power stocks and bank stocks witnessing maximum selling pressure. The rupee is trading at 64.36 to the US$.

Dr. Reddy’s share price rallied over 4% after its Bachupally formulations plant 3 received USFDA EIR.

All Paint stocks opened the day on a negative note with Asian Paints and Asahi Songwon leading the losses. As per an article in a leading financial daily, Asian Paints has acquired the remaining 49% stake in kitchen solutions provider Sleek International Pvt. Ltd from the Ahuja family for Rs 500 million.

In August 2013, Asian Paints had acquired 51% stake in Sleek International for around Rs 1.2 billion. With the latest acquisition, Sleek International has become a 100% subsidiary of Asian Paints.

Mumbai-based Sleek makes, sells and distributes kitchens, wardrobes and components. Sleek had reported a turnover of Rs 1.6 billion in FY17, a 16.7% increase over FY16.

One shall note that, Asian Paints has made several inorganic moves in the past to boost its home decor business. Earlier this year, Asian Paints purchased Sri Lanka’s Causeway Paints Lanka (Pvt) Ltd to expand its overseas business.