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Indian stock markets extend gains
Tue, 20 Sep 01:30 pm

The Indian stock market extended gains on account of buying interest in heavyweights. Except for Public Sector Units (PSU), all other sectoral indices are trading firm. Stocks from the software, consumer durables, metal and banking space are leading the pack of gainers.

The BSE-Sensex is trading up by 209 points while NSE-Nifty is trading 67 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 0.6% and 0.8% respectively. The rupee is trading at 48.10 to the US dollar.

Most of the Software stocks have been trading firm with Wipro, HCL Technologies, Infosys and Tata Consultancy Services (TCS) leading the pack of gainers. However, CMC Ltd is trading in the red. As per a leading financial daily, Wipro will scout for a niche player in the healthcare and life-sciences space. As per the company management, the company is aggressively looking at inorganic growth, especially niche providers focused only on health and life-sciences and preferably in the analytics and mobility space. With US carrying out health insurance reforms, 30 million more people will have to be insured and hence this has thrown up a huge opportunity for insurance companies. The preference would be given for a company located in the US but with a base in India, with an established book of business in the payer and provider segments, specifically in the revenue cycle management processes. Besides, the company also plans to hire about 200 more domain experts, especially those in the analytics and mobility space, by the year-end.

Most of the Power stocks have been trading in the green as well with Gujarat Industries Power, Reliance Power, Reliance Infrastructure and GVK Power leading the pack of gainers. However, Coal India and National Hydroelectric Power Corp. (NHPC Ltd) are trading weak. As per a leading financial daily, Power Grid Corporation of India (PCGIL) has been granted approval for two investment proposals. The first one is for common system associated with Coastal Energen and Ind-Barath Power (Madras) Long Term Open Access (LTOA) Generation Projects in Tuticorin area (Part-B) at an estimated cost of Rs 19.4 bn, with commissioning schedule of 3 years from the date of investment approval. The second approval is for Power Grid sub-station works associated with transmission scheme for enabling import of power at an estimated cost of Rs 804 m, with commissioning schedule of 18 months from the date of investment approval. The stock of the company is trading in the green.

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