Sensex Opens Firm; Telecom & Automobiles Stocks Lead

Thu, 28 Feb 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.2% while the Hang Seng is down 0.3%. The Nikkei 225 is trading down by 0.4%. Meanwhile, the S&P 500 closed down slightly on Wednesday but well above its session low after testimonies to US Congress from trade and central bank officials as well as President Donald Trump's former lawyer brought few major surprises.

Back home, India share markets opened on a firm note. The BSE Sensex is trading up by 169 points while the NSE Nifty is trading up by 37 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.4% & 0.2% respectively.

All sectoral indices have opened on a positive note with telecom stocks and automobile stocks witnessing maximum buying interest.

The rupee is currently trading at Rs 71.21 against the US$.

Amid heightened Indo-Pak border tensions you can rest assured that markets will offer you attractive buying opportunities.

As per co-head of research, Tanushree Banerjee, these opportunities will be available to you over next few months.

So, don't hurry.

Here's an excerpt of what she wrote:

• "Meanwhile, make sure you are taking care of your asset allocation. By that I mean not only the allocation between stocks and bonds. But also hold on to some gold.
  
  The yellow metal may not be the biggest gainer this year. But you should not ignore it in your asset allocation plan.
  
  In a worst case, war-like scenario, it can act as an insurance.
  
  It may help to know that central banks all over the world are seeking to take control of their gold reserves or increase them.
  
  But not all are countries are succeeding.
  
  Venezuela requested the return of 14 tons of gold held at the Bank of England. The bank refused to return the gold and said it would be held on account for a future legitimate government of Venezuela."

More Central Bank Gold Buying May be on the Anvil

As Warren Buffet said in his latest letter to shareholders,

Rational people don't risk what they have and need, for what they don't have and don't need.

In the news from the banking sector. In the latest development, Punjab National Bank (PNB) and Allahabad Bank will reduce benchmark marginal cost of funds based lending rate (MCLR) by 10 basis points (bps) across various tenures from 1 March.

The reduction will make home, car and other retail loans cheaper.

According to the PNB, the reduction is applicable to all the tenures, that is overnight, one month, three-months, six-month, one-year and three years.

Similarly, state-run Allahabad Bank said it will cut MCLR across all tenures up to three years with effect from 1 March.

For all the tenures, overnight, one-month, three-month, six-month, one-year, two-year and three years the bank has cut the MCLR by 0.10% each to 8.15%, 8.25%, 8.45%, 8.50%, 8.65%, 8.85% and 8.95%, respectively.

Last week, the Reserve Bank of India (RBI) had asked lenders to transmit the repo rate cut benefit to the real economy after a 25 bps rate cut by the apex bank in early February.

Note that, a basis point is one hundredth of a percent.

Moving on to the news from IT sector. As per an article in a leading financial daily, Wipro Ltd has agreed to sell two of its cloud-based businesses to US-based Alight Solutions LLC for up to US$110 million (Rs 7.8 billion).

Wipro said that it will divest the Workday and Cornerstone OnDemand businesses that it had acquired as part of its buyout of US cloud services company Appirio in 2016 for US$500 million.

Further, Wipro said Alight will pay US$100 million at closing and the remaining at the end of 12 months based on the achievement of performance targets.

This is the second deal between the two companies. In July last year, Wipro had agreed to acquire Alight HR Services India Pvt. Ltd, the local arm of Alight Solutions, for US$117 million (Rs 8 billion).

Workday is cloud-based financial management and human capital management software while Cornerstone OnDemand is a cloud-based learning and talent management software.

The sale will result in about 350 employees in Wipro's Workday and Cornerstone OnDemand teams moving to Alight. The business has multiple customers across the US, Europe, West Asia, Africa and India, and posted revenue of US$49.7 million for 2017-18, or 0.6% of Wipro's consolidated revenue.

Wipro said it will continue to focus on its cloud applications and platforms including growing its Salesforce business under the Appirio brand. It will also support Workday's suite of solutions for application management, testing and integration services for existing clients.

Reportedly, the transaction is subject to receipt of regulatory approvals and customary closing conditions and is expected to close during the quarter ending 31 March 2019.

To know more about the company, you can access to Wipro's Q3FY19 result analysis and Wipro's 2017-18 Annual Report Analysis on our website.

Wipro share price opened the day down by 0.7%.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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