Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Software stocks boost markets
Fri, 10 Jan 11:30 am

After opening weak, the Indian indices are trading strongly in the green in the morning session amid outperformance among software stocks after the declaration of the 3QFY14 results of Infosys. Apart from IT stocks there is buying interest in engineering and energy stocks.

The BSE-Sensex is trading up 140 points and the NSE-Nifty is trading up 38 points. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 61.94 to the US dollar.

Software stocks are trading higher today. Infosys and Tech Mahindra are among the stocks leading the gainers. According to a leading news service, Tech Mahindra has received approval from the Competition Commission of India (CCI) for the merger of Mahindra Engineering Services (MES) with itself. The CCI nod was required because both firms are part of the Mahindra & Mahindra (M&M) group. While giving its approval the commission has observed that competition in India will not be adversely affected due to the merger. As per the merger agreement, approved by the boards of the two companies on 29 November 2013, the entire business of Mahindra Engineering Services would be amalgamated as a going concern into Tech Mahindra. Currently, the parent company Mahindra & Mahindra (M&M) holds 80.69% stake in MES. Tech Mahindra is trading up 2.6% today.

Aluminum stocks are trading mixed today. While Nalco is trading firm, Hindalco is trading on a weak note. As per a leading business daily, Hindalco's quarterly earnings could be weak after its global peer Alcoa (Aluminum Company of America) one of the world's largest producer of aluminum, reported a massive quarterly loss, falling short of analyst expectations. The Alcoa group's earnings fell to $40 m after excluding impairment charges of $1.7 bn on smelter acquisition and other special items. Alcoa also posted a stagnant outlook on global aluminum demand. It expects global demand for aluminum to grow by 7% during 2014, persistent with its growth in 2013. This does not augur well for Hindalco's US subsidiary Novelis Inc. Further the company on a standalone basis has expanded its aluminum capacity recently and low aluminum prices, sticky costs & delay in commencement of mining from captive blocks are expected to mute its profitability growth in future. Hindalco is trading down 1.7% today.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Software stocks boost markets". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 23, 2018 (Close)