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Indian equity markets extend losses
Wed, 25 Jul 11:30 am

Indian equity markets fell further into the negative territory during the last two hours of trade. Led by metal stocks, all sectoral indices were trading weak.

The BSE-Sensex is down by 142 points and NSE-Nifty is down by 40 points. BSE Mid Cap and BSE Small Cap indices are trading lower by 0.8% and 0.7% respectively. The rupee is trading at 56.38 to the US dollar.

Software Stocks are trading mixed with Wipro and Moser Baer India leading the list of losers while HCL Technologies and CMC Limited were the top gainers. As per a leading daily, Wipro and Cognizant have signed a multi-year contract with Netherlands based electronics giant Royal Philips Electronics. The deal is said to be worth US$ 250 m. Royal Philips is exploring the possibility of simplifying the IT programme and drive transformation through this partnership. Wipro will work with Philips on their transformational roadmap towards optimizing and enhancing business processes of "idea to market, market to order and order to cash". Cognizant will provide consultancy and application services globally.

Energy stocks are trading in the red led by Essar Oil and Mangalore Refinery and Petrochemicals (MRPL). According to a leading financial daily, Gas Authority Of India Ltd. (GAIL) has signed an agreement to buy all natural gas produced by ONGC from its existing and new fields. GAIL will hold the exclusive marketing right of all gas produced by ONGC for a three-year period, which can be extended on mutual consent. The gas utility would also market some of the chemicals to be produced from the Dahej petrochemical complex being set up by ONGC Petro-additions Limited, a subsidiary of ONGC. The two firms also signed a complex swap agreement wherein GAIL would supply imported LNG to ONGC's C2+ extraction plant at Dahej. In return, ONGC will supply an equivalent quantity of domestic gas.

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Feb 16, 2018 (Close)