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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Small, midcaps not in favour today 
(Wed, 9 Feb 01:30 pm) 
 
The Indian markets hovered around the dotted line before dipping into the red during the previous hour of trade. Currently, stocks from the realty, power and consumer durables sectors are leading the pack of losers while those from the banking and oil & gas spaces are finding some favour.

The BSE-Sensex is down by 85 points (down 0.5%), while NSE-Nifty is trading lower by 25 points (down 0.5%). However, BSE Midcap and BSE Small cap indices are both down by 2.2% and 2.6% respectively. The rupee is trading at 45.45 to the US dollar.

IT stocks are currently trading firm led by Tech Mahindra, TCS, HCL Tech and Infosys. Indian IT major Wipro's newly appointed chief of the IT division is of the view that the positive impact of the recent organisational restructuring will be visible after three quarters. It must be noted that the company had recently decided to restructure its IT division in attempt to be more client centric. As per Mr. T.K. Kurien, the new chief executive of Wipro's IT business, these organisational changes are expected to be a longer-term play for the company and will position the company for future growth. It must be noted that the stock of Wipro was under pressure in recent times on reports that the company is finding it difficult to keep up with its local and global peers such as TCS and Cognizant. As for the outlook on the markets, Mr. Kurien is of the view that the company is seeing a strong demand for outsourcing services, and is also focusing to win more deals in emerging markets. In addition, the company is also not witnessing significant pressure on prices for its services amid a rebound in demand.

PTC announced its 3QFY11 results yesterday. The power trading company has posted around 4% YoY growth in net sales during 3QFY11. While traded volumes posted a strong 31% YoY growth, the realisations were down by around 21% YoY. For 9mFY11, PTC's traded volumes increased by 28% YoY, but due to lower realisations, sales grew by just about 7% YoY. The company's operating margins improved to 2.3% in 3QFY11, from 0.6% in 3QFY10. This was helped by lower power purchase costs. PTC grew its net profits by 139% YoY during 3QFY11. This was largely helped by the improvement in operating margins, as operating profits were up a massive 292% YoY. The stock is currently trading lower by nearly 7%.

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May 26, 2017 10:59 AM

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