Indian equity markets had a rather volatile trading session today. While the indices began the day's proceedings on a firm note, subsequent hours saw them oscillate to either side of yesterday's close. Although the final trading hour saw profit booking taking toll, the indices managed to close above the dotted line. While the BSE-Sensex closed higher by 18 points, the NSE-Nifty closed higher by 7 points. BSE Mid Cap and the BSE Small Cap closed on a positive note. Metal and Banking stocks were the biggest gainers.
As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 60.96 to the dollar at the time of writing.
India's private sector activity contracted for the first time in over four years in July amid evidence of falling new business and a difficult economic climate. The HSBC India Composite Output Index, which maps both services and manufacturing activity, fell to 48.4 in July, down from 50.9 in June, indicating an overall contraction. The contraction in business activity across the Indian private sector is the first since April 2009. Meanwhile, the services sector, witnessed even a sharper fall. The services PMI contracted first time in 20 months to 47.9 points in July from 51.7 points in the previous month. A reading above 50 points indicates growth, while that below 50 signifies a contraction in the sector.
According to a leading financial daily, Tata Consultancy Services (TCS) has been selected by Australian Pharmaceutical Industries (API) to unify the firm's IT systems across retail and wholesale operations. Under the terms of the agreement, TCS will deliver API with a SAP ERP platform that integrates with API's legacy systems providing improvements in mission-critical business operations such as merchandising, sales and customer service, logistics and finance. TCS, however did not reveal the size of the deal. API is a key win for TCS as they expand their footprint in retail, and it further demonstrates their leadership as a SAP partner and solution provider of choice.