The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.9%) and Hong Kong (up 0.7%) leading the gains. However, the stock markets in Indonesia (down 1.9%) and Korea (down 0.4%) were leading the losses. The Indian share markets have opened the day on a firm note. Barring energy, capital goods and banking, all sectoral indices have opened in the green with the stocks in the software and realty space leading the gains.
The Sensex today is up by around 36 points (0.2%), while the NSE-Nifty is up by about 18 points (0.2%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 1.1% and 1.9% respectively. The rupee is currently trading at Rs 58.56 to the US dollar.
Do you think rupee will continue to appreciate? How will IT and pharma companies perform if the trend continues? Share your views on Equitymaster Club.
Software stocks have opened the day mainly in the green with Moser Baer India Ltd and NIIT Ltd leading the gains. As per a leading financial daily, Wipro Ltd has bagged a deal worth over US$ 400 m (Rs 24 bn) from Japan's largest pharmaceutical company Takeda Pharma. As per the deal, Wipro will develop and support IT requirements of the pharmaceutical company. As per the senior management, the multiyear deal will add to Wipro's revenues immediately. Also, the deal is likely to boost Wipro's Healthcare and Life Sciences unit which accounts for 10.3% of the company's US$6.6-bn revenues from IT services.
Engineering stocks have opened the day on a mixed note with Everest Kanto Cylinder Ltd and BGR Energy Ltd leading the gains. However, Manugraph India and Bharat Heavy Electricals Ltd (BHEL) were leading the losses. As per a leading financial daily, BHEL has signed an initial agreement with PT Star Vyobros, Indonesia for setting up a 200 megawatt (MW) coal fired plant at Sulawesi region in the island nation. The company has not disclosed the financial details yet. Earlier, BHEL had signed one more Memorandum of Understanding (MoU) with PT APAC INTI, Indonesia for setting up a 25 MW-30 MW Solar Photovoltaic based power plant in the Java region in Indonesia. The company is executing a coal-fired power plant for PT CKP, besides having commissioned two more coal-fired power plants in recent years in Indonesia.