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Indian markets continue to rally
Mon, 26 May 11:30 am

After opening positive; the Indian indices have continued to rally in the last two hours of the trading session. Auto, Capital Goods and Power stocks are leading the gainers.

The BSE-Sensex is trading up 334 points and the NSE-Nifty is trading up 96 points. The BSE Mid Cap index is trading up 1.5%, while the BSE Small Cap index is trading up 1.7% today. The rupee is trading at 58.41 to the US dollar.

Most of the power stocks are trading positive today. Neyveli Lignite and Reliance Power are leading the gainers. According to a leading business daily; Tata Power is focusing on overseas opportunities in South East Asia and SAARC regions. Tata Power aims to have 18,000 MW generation capacity by 2022 as well as additional 4,000 MW of distribution networks. The company currently has an installed generation capacity of 8,560 MW and have projects having capacity of nearly 850 MW under execution. Tata Power is developing wind and hydro projects in Africa, Bhutan and Georgia, among others. The company has deployed resources in the above mentioned regional geographies to understand the market dynamics and tap the potential opportunities. Tata Power is trading 3% up today.

Most software stocks are trading higher today. HCL technologies and Tech Mahindra are leading the gainers. As per a leading financial daily, India's third largest software firm Wipro has decided to be more aggressive in bidding for deals in the Energy and Utilities industry. Currently this vertical contributes about 16% of Wipro's revenue. The company sees this as a recession proof industry. Thus the management would prefer that contributes a higher percentage of revenue. Demand for IT services from this industry is high in the developed world where end consumers are free to choose their electricity provider. Demand from this vertical had held up relatively well in the last recession. In this industry, Wipro competes with Tata Consultancy Services (TCS), Accenture, IBM and Capgemini globally. Wipro is trading up 1.3% today.

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