Dear Reader: I'd like to extend to you my warmest wishes on behalf of the entire Equitymaster family. May the special occasion of Deepawali fill you with happiness and prosperity! And May you have A Wonderful New Year too! - Rahul
Marking the festival of Diwali, the hour-long auspicious Muhurat trading session witnessed strong gains and the Indian benchmark indices closed on a firm note today. The Indian markets have stood buoyant for the past four trading sessions owing to global market gains and energy sector reforms announced by the government. While the BSE-Sensex closed higher by about 61 points, the NSE-Nifty breached the 8000 mark and ended higher by about 19 points during the Muhurat trading session. Stocks from capital goods and pharma spaces were the most in demand. BSE Mid Cap and BSE Small Cap too gathered steam and both indices surged higher by 0.9% and 1.6% respectively.
Stock markets in other parts of Asia ended the day on a mixed note and European stocks too stood mixed at the time of writing. The rupee was trading at Rs 61.2 to the dollar at the time of writing.
The IT major Wipro Ltd opened weak for the Muhurat trading session on account of disappointing 2QFY15 earnings performance. The company reported a consolidated net profit of Rs 20.9 bn during the quarter, down 0.9% YoY. Sales during the quarter increased by 12.4% YoY. While the revenue and margins missed the expectation levels, the guidance too stood softer. Management is still confident of improving growth momentum in H2FY15 on the back of large deal wins. The stock was up towards the end of Muhurat trading session and stood higher by 1.5%.