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Markets trade in the green
Thu, 1 Oct 11:30 am

After opening on a firm note, the Indian markets continued to trade in the green. Sectoral indices are trading on a mixed note with stocks from the pharma and capital goods sectors leading the gains. However, auto stocks are witnessing selling pressure.

The BSE-Sensex is trading up 70 points (up 0.3%) and the is trading up 12 points (up 0.1%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap index is trading up 0.4%. The rupee is trading at 65.62 to the US dollar.

Most of the PSU banking stocks are trading on a negative note with Allahabad Bank and Syndicate Bank leading the losses. As per a leading financial daily, eight public sector banks including State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda have allotted equity shares on preferential basis to the government against capital infusion of Rs 139.5 billion. Further, Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the other lenders that have received capital infusion from the government. The most recent capital infusion is a part of the government's programme to infuse a total of Rs 700 billion of equity into PSU banks over four years up to 2018-19. It will help shore up their capital base for meeting Basel norms. Earlier in August, the government had said that it would infuse Rs 200.8 billion in 13 PSU banks in about a month. That said the rest of the amount is likely to be infused in the last quarter of 2015-16.

Stocks in the software space are trading mixed with TCS and Wipro leading the gains. Shares of HCL Technologies has witnessed selling pressure today as the company gave a pre-quarter revenue warning. It indicated the reported US$ revenues for the September 2015 quarter could be impacted up to multiple factors. These include a sharp depreciation of basket of currencies against the US$ as well as client specific issues. The company also stated that as a matter of prudence it is considering reserving up to US$ 20 million this quarter for a client disengagement process, regarding a custom application development project. The company also stated that revenues would be impacted due to changes in transition timelines for certain complex engagements in infrastructure management services. Stock of HCL Technologies is trading lower by around 10%.

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