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Sensex Trades in Green; Wipro & Sun Pharma Top Gainers
Mon, 3 Sep 12:30 pm | Rini Mehta, TM Team

Stock markets in India are trading marginally higher. Gains are largely seen in healthcare stocks and consumer durables' stocks.

The BSE Sensex is trading up by 78 points and the NSE Nifty is trading up by 28 points. Meanwhile, the BSE Mid Cap index is trading up by 0.8% while, the BSE Small Cap index is trading up by 0.8%.

Engineering stocks are trading on a mixed note with EMCO Ltd & Welspun Corp leading the pack of gainers. As per an article in a leading financial daily, Larsen & Toubro's (L&T) construction arm -- L&T Construction has bagged orders worth Rs 26.5 billion across various business segments.

L&T Construction's Transportation Infrastructure business has bagged a new order worth Rs 21 billion from Maharashtra State Road Development Corporation (MSRDC), for the construction of Package 10 of the Six-lane Nagpur Mumbai Super Communication Expressway.

Further, Heavy Civil Infrastructure business of the company's construction arm has also bagged an order worth Rs 5.6 billion from Maharashtra State Road Development Corporation (MSRDC) for construction of the Thane Creek Bridge-III.

This will be the third bridge to be constructed across Thane Creek channel.

Notably, diversification continues to help L&T negotiate and get better terms and margins for projects. Apparently, this is because it is less desperate to win orders as compared to a company which are present in only a couple of sectors. Its reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike.

Whether, further addition to these new projects provides a cushion to its profitability will be an interesting thing to watch out for going forward.

To know more about the company, you can access to L&T's Q1FY19 result analysis and L&T's 2017-18 Annual Report Analysis on our website.

At the time of writing, L&T share price was trading up by 0.7%.

Moving on to the news from the currencies space. Indian rupee recovered from all-time low of 71 against the US dollar today amid robust growth data for the April-June quarter of current fiscal.

As per the data released, India's economy grew at a two-year high of 8.2% in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy.

Besides, fresh selling of the American currency by exporters as well as banks and a higher opening in the domestic equity market too supported the rupee.

On the global front, the dollar was steady on worries of a prolonged China-US trade war and after the United States and Canada ended contentious trade negotiations without a deal.

The currency is currently trading at 70.79, stronger by 21 paise from its previous close of 71 on Friday. The currency touched a high and low of 70.85 and 70.73 respectively. The reference rate for the dollar stood at 70.92 and for Euro stood at 82.83 on 31 August 2018.

Speaking of the Indian economy, the country is on a strong footing. The MSCI or Morgan Stanley Capital International index is used to measure equity market performance in global emerging markets. It is used as a common benchmark for global stock funds.

In 2018, the MSCI India index outperformed other indices. In 2018, the MSCI India equity index is down marginally by 0.4%.

India Outperforms Former Fragile Five Peers

Whereas, other countries which were part of fragile five are down in the range of 15-52% The worst performer is obviously the MSCI Turkey, which tanked by whopping 52% in 2018.

Certainly, global investors have recognised the strength of the Indian economy.

Talking of strength, the Indian economy is showing signs of economic recovery.

For example, capacity utilisation is picking up. IIP and GDP numbers are improving. Indian corporates are getting back to their capex plans.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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