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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Metals & FMCG drag markets 
(Wed, 29 Sep 11:30 am) 
 
After starting today's session on a positive note, Indian indices have lost some ground. However, other key Asian markets are trading in the green with both Hang Seng and Nikkei up by 1.3% and 1.0% respectively. Currently, heavyweights in the Sensex are trading in the red with stocks from the FMCG and metals space bearing the brunt of investors. However, stocks from the realty and power space are trading strong.

Currently, the BSE-Sensex is trading down by around 89 points, while the NSE-Nifty is down by about 20 points. However, buying interest is witnessed amongst the mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading up by 0.06% and 0.24% respectively. The rupee is trading at 44.95 to the US dollar.

Construction stocks are trading weak with IVRCL Infrastructure and Nagarjuna Constructions leading the pack of losers. However, GVK Power & Infrastructure is trading strong. Construction major, HCC is eyeing acquisitions in overseas markets in order to strengthen capabilities for taking on larger projects. The company is exploring acquisitions in Europe, Middle East and South East Asia with a deal size of US$ 100 m or more. HCC is eyeing companies having experience in design & fabrication, transmission towers and oil & gas pipelines where it has little or no exposure. Further, HCC also wants to boost its presence in the road sector and is expected to bid for at least 3 to 4 highway projects in the next six months, each worth between US$ 1.5-2 bn. The bids will be put via consortium partners that include Orascom Construction Industries.

IT stocks are trading mixed with Mphasis and Mahindra Satyam leading the gains. However, HCL Infosystems and Wipro are trading weak. Tata Consultancy Services (TCS) recently announced that it signed a 5-year Infrastructure Management Services contract worth more than AUD (Australian dollars) 50 m with the Australia-based renewable energy company called AGL Energy Ltd. Prior to this contract, the company has been executing a number of programs covering Advance Metering, Gas Trading, Pricing Engine and multiple SAP projects. The two companies first started working together in 2007 with TCS supporting AGLs SAP applications. Over the past three years, the relationship between the two companies has evolved into a 'full services play' covering consulting, implementation, assurance, outsourcing and support. Over 650 TCS consultants are working on delivering these solutions for AGL. Most of these projects are either second generation outsourcing or new projects. It may be noted that, as of 1QFY11 around 8.7% of revenues for TCS were from the value-added infrastructure management segment.

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Apr 28, 2017 (Close)

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