Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Banks lend stability to Indian indices
Tue, 1 Oct 11:30 am

After a weak start, the Indian stock markets are trading above the dotted line in the morning session. The recovery has been largely led by banking, auto and capital goods stocks.

The BSE-Sensex is up by 80 points while the NSE-Nifty is trading up 25 points. The BSE Mid Cap index is trading up by 0.3% and the BSE Small Cap index is trading up by 0.5% The Rupee is trading at 62.39 to the US Dollar.

Information Technology stocks (IT) are trading mixed today. Infosys and Tata Consultancy Services are among the gainers, while HCL Tech and Tech Mahindra are among the losers. India's leading IT company Infosys has announced that it has jointly won a 300 m Euro contract, along with IBM, from the Royal bank of Scotland. This contract is for the development of software infrastructure and systems for a U.K based bank, Williams & Glyn's, which is part of the RBS group. This bank which has been dormant for about 30 years is being revived by RBS. Infosys along with IBM will jointly develop the system integration (SI) software for the bank on RBS's computer platform. The project is expected to be completed in about two years. The European region is an important revenue contributor for Infosys. However, post the crisis, this region has been seeing flat growth for many quarters.

According to the government data released yesterday, the Index of Industrial Production (IIP) of eight core industries has recorded a 7 month high growth of 3.7% Y-o-Y in August 2013. The sectors contributing to the growth are power, cement, steel and fertilizer. Power generation and cement production grew by 6.7% Y-o-Y and 5.5 % Y-o-Y respectively. The output of steel also grew by 4.3% Y-o-Y in the month. The fertilizer production grew by 1.7 % while the coal production grew by 5.5%. It is believed that fast tracking of clearances and coal linkages to completed power projects contributed to the growth. Also, good monsoon helped boosting the demand in fertilizer sector. However, the core sector growth is still much lesser than the 6.1% growth recorded in the same month of last year.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Banks lend stability to Indian indices". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.