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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets Continue to Rally
Wed, 2 Mar Closing

Indian Equity markets continued its post-Budget rally for second straight day amid strong global markets. At the closing bell, the BSE Sensex closed higher by 463 points, while NSE Nifty finished higher 147 by points. The S&P BSE Mid Cap and the S&P BSE Small cap too finished on a strong note. The respective indices finished higher by 1.9% and 2.2%. All the sectoral indices finished in green today barring FMCG. The Realty, and Banking indices lead the gainers.

Asian markets rose today, with China leading advances after a strong finish on Wall Street overnight. The Shanghai Composite was up 4.26% while Japan's Nikkei 225 was up 4.11% and Hong Kong's Hang Seng was up 3.07%. European markets are trading higher today with shares in France leading the region. The CAC 40 is up 0.3% while London's FTSE 100 is up 0.15% and Germany's DAX is up 0.25%. The rupee was trading at Rs 67.64 against the US$ at the time of writing.

Majority of the oil & gas stocks finished on a positive note with Cairn India and Gulf Oil Lubricants leading the charts. According to an article in The Economic Times, GAIL India Ltd has again postponed its US$ 7 bn tender for hiring nine newly-built ships to ferry LNG from the US, by one month. GAIL is seeking 9 LNG ships of cargo capacity of 150,000-180,000 cubic meters to help transport liquefied natural gas (LNG) it has tied up from Sabine Pass and Cove Point LNG projects in the US, with supplies slated to start from December 2017.

The tender document provides for Indian shipyards taking 5-13% in the LNG carrier that it will build. This condition was missing in the original tender floated last year. Also, GAIL has a right to take up to 10% equity stake in any or all of the nine ships. The Shipping Corporation of India (SCI), which is to operate the carriers, will have a right to 26% interest, according to the reports.

Reportedly, GAIL and SCI had last year, signed an agreement wherein the state-owned shipping company has the step-in right to take at least a 26% stake in each of the nine LNG carriers hired by GAIL. GAIL has tied up 5.8 million tonnes per annum of LNG from the US which the newly built ships will ferry.

India is a net exporter of petroleum products but rising domestic demand and lower international prices have slowed exports. The export of petroleum products was down 18% in December and 11% during April-December 2015. The domestic consumption of petroleum products grew 9.5% during the same period.

The IT sector finished the day up by 2.5%. Financial Tech and Tech Mahindra were the leading gainers. Shares of Infosys surged 2.8% in today's trade after it was reported that the company will collaborate with Microsoft Corporation to deploy advanced analytics solutions to support healthcare organisations in their digital transformation. Infosys has developed healthcare analytics solutions to augment the current processes and make them more efficient using Microsoft Cortana Analytics Suite.

The company's analytics healthcare solutions will enable healthcare professionals to unlock the potential of a wide range of datasets. Insights generated from this will help track population health trends, advance clinical effectiveness and enhance patient satisfaction.

The company had a good quarter in 3QFY16. As expected, growth was muted due to the seasonality in the quarter. But the company's deal momentum remains strong. Infosys won 4 large deals in the quarter of about US$ 360 m. The company also won a significant renewal deal of US$ 600 m. The company has reported a 1.7% QoQ growth in sales and a 2% QoQ growth in the net profit (Subscription Required). In the first few days of 2016, the company has already bagged a series of deals worth about 150 m. The company's focus on innovation and automation is paying off.

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Oct 23, 2017 (Close)

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