Indian Share Markets Open Marginally Down; Energy Stocks Lose

Thu, 15 Mar 09:30 am

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   11:30 am   

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   Closing   

Asian stocks are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.09% while the Hang Seng is up 0.02%. The Nikkei 225 is trading down by 0.47%. US stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for US companies.

Back home, India share markets opened the day marginally down. The BSE Sensex is trading lower by 44 points while the NSE Nifty is trading lower by 11 points. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 0.2%.

Sectoral indices have opened the day on a mixed note with healthcare stocks and capital goods stocks witnessing maximum buying interest. While, energy stocks and metal stocks are trading in red. The rupee is trading at 64.99 to the US$.

In the last month, the market went down, up, down, and up again.

The net result was no gain, no loss.

It's almost like no one knows what to do. The reason for the confusion is a tug of war between the bulls and the bears.

Uncertain Times for the Benchmark Index

However, at Equitymaster, we do not attempt to predict how and when macroeconomic developments will unfold. Instead, we focus all our energy on understanding the underlying business strength of companies.

In fact, the ValuePro team is always on the lookout for all-weather stocks whose fortunes are not tied to economic cycles.

Information technology Stocks opened the day on a mixed note with Mphasis & Info Edge leading the gainers. As per an article in a leading financial daily, Wipro will divest its hosted data centre services business to Chicago-based hybrid IT services provider Ensono for US$405 million (about Rs 26.5 billion).

Wipro said it will transition eight data centres and over 900 employees to Ensono. The acquisition significantly expands Ensono's geographic footprint and global service capabilities.

Hosted data centre services is one of the three businesses that became a part of Wipro when it acquired Infocrossing Inc in 2007.

The other two businesses -- Medicare & Medicaid services in the health insurance space and ERP implementation services -- have been integrated with other Wipro businesses and are not part of this divestment, the reports noted.

As part of the agreement, Wipro will make an investment of US$55 million in Ensono's combined entity. The two have signed a long-term partnership agreement to jointly address the hybrid IT need for Wipro's new and existing enterprise customers.

One shall note that, hosted data centres manage the IT infrastructure requirements of companies so that the latter do not have to get into the hassle of owning and managing this infrastructure. Clients access the centre from internet or through a secure private network.

Last year, Ensono acquired Attenda, a UK-based pure-play provider of critical applications and hybrid IT-managed services.

Wipro share price opened the day up by 1.9%.

Moving on to the news from the economy. In the latest development, the World Bank in its India Economic Update has predicted India's economy to grow at 6.7% in the current financial year, which is set to accelerate to 7.3% in 2018-19 and 7.5% in 2019-20.

India's growth has been credible over the long run with growth averaging at 7% in the last decade, it said.

India's GDP growth saw a temporary dip in the last two quarters of 2016-17 and the first quarter of 2017-18 due to demonetisation and disruptions surrounding the initial implementation of GST (Goods and Services Tax).

As per the report, services will continue to remain the main driver of economic growth. Industrial activity is also poised to grow, with manufacturing expected to accelerate following the implementation of GST.

India's economic growth had slipped to a three year low of 5.7% in April-June quarter of the current fiscal, though it recovered in the subsequent quarters. The economy is expected to grow at 6.6% in the current fiscal ending 31 March, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1% in 2016-17. The earlier estimate was 6.5%.

The World Bank update said it will be crucial for India to leverage on the global recovery to elevate its growth rate.

On the flip side, it said oil prices pose less of a risk for the Indian economy, the expected normalization of monetary policy by the US and the other advanced economies are likely to tighten financing conditions.

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Indian Share Market Update: Top Gainers and Losers