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Indian markets surge
Tue, 29 Sep 01:30 pm

Starting on a discouraging note in the morning session, the Indian Indices recouped lost ground and are trading firm after the RBI slashed rates by 50 basis points in its monetary policy review. Sectoral indices are trading mixed with stocks from the banking and engineering sectors leading the gainers. However, pharma stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading up by 232 points (up 0.9%) and the NSE-Nifty is trading up by 62 points (up 0.8%). The S&P BSE Midcap index is trading up by 0.2% while the S&P BSE Smallcap index is trading flat. Gold prices, per 10 grams, are trading at Rs 26,258 levels. Silver price, per kilogram is trading at Rs 34,780 levels. Crude oil is trading at Rs 2,964 per barrel. The rupee is trading at 65.96 to the US$.

Engineering stocks are witnessing a mixed trend with gains led by Voltas and Manugraph India. As per a leading financial daily, Larsen & Toubro's (L&T) subsidiary- L&T Construction's has bagged water and waste-water infrastructure orders worth Rs 15 bn in September 2015. Under the water supply and distribution business, the company has secured a water supply order from Telangana Drinking Water Supply Project. Under the waste water business, the company has won a turnkey order from Rajasthan Urban Infrastructure Development Project at Pali, Rajasthan. Larsen & Toubro is engaged in technology, engineering, construction, manufacturing and financial services with operations in over 30 countries worldwide. Presently the stock of company is trading up by 1.9%.

Stocks in the telecom space are trading mixed with ADC India Communications and AGC Networks leading the gains. As per an article in Economic Times, Idea Cellular has announced that it is working on a plan to launch 4G services in Madhya Pradesh and Chhattisgarh cities in early 2016. The company is planning to expand its base in remote areas of these cities by adding services launched at 400 to 500 places, mostly in rural areas. As reported, the company has more than two core customers in these circles. Further, according to the results of the first quarter of the current fiscal, the revenue share of the company has been 41.2% from these circles. Scrip of Idea Cellular is trading down by 1.2% on the BSE.

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Mar 19, 2018 (Close)