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Sensex & Nifty Open Firm; ONGC & Tata Steel Lead the Gainers
Fri, 6 Oct 09:30 am | Rini Mehta, TM Team

Indices in Asia were trading in positive terrain in early deals today following positive close on Wall Street. The Nikkei 225 rose 40 points and the Hong Kong's Hang Seng edged up 156 points. The China's Shanghai Composite was closed for a public holiday. On Wall Street, all three stock market benchmarks finished at records for the third day in a row.

Back home, share markets in India have opened the day on a higher note tracking global markets. The BSE Sensex is trading higher by 130 points while the NSE Nifty is trading higher by 28 points. The BSE Mid Cap and BSE Small Cap index opened the day on up by 0.5% & 0.7% respectively.

All sectoral indices have opened the day in green with stocks from metal sector and consumer durables sector leading the pack of gainers. The rupee is trading at 65.18 to the US$.

ONGC share price surged in the early trade on the reports of first direct evidence of hydrocarbon reserves in the Kutch offshore basin, state-run ONGC has come across flows while drilling the GK-28-12 well.

Steel stocks are trading mixed today with Tata Motors DVR and Ashok Leyland being the most active stocks. Tata Steel share price surged 1.3% today after the company on Thursday reported higher domestic sales of 3.13 million tonnes (MT) and production of 3.02 MT during Q2 FY18.

The company had reported sales and production of 2.6 MT and 2.7 MT respectively in same period last year.

The growth comes on the back of new steel plant at Kalinganagar contributing to overall volume growth and hi-end product sales for automotive segment posting a growth of around 20% (y-o-y). Half yearly sales jumped nearly 23.2% to 5.9 million tonne in April September 2017 over 4.8 mt in H1FY17.

Tata Steel's Europe sales touched 2.6 mt in Q2FY18 against 2.3 mt in Q2FY17 leading to a 15% jump in sales.

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Half yearly sales figure went up 5.3% to 5 mt in Europe during the quarter under review compared to 4.8 mt in same period last year. The company said deliveries have been higher reflecting stable market conditions and improved finishing processes.

Further, production in India went up 11% to 3 mt in Q2FY18 over 2.7 mt in Q2FY17 while half yearly volumes went up 18% to 6 mt in H1FY18 over 5.1 mt in H1FY17.

Moving on to the news from the information technology sector. As per an article in a leading financial daily, Wipro's digital arm has acquired the US-based design firm Cooper for an unspecified amount to expand its portfolio offerings.

On acquisition, Cooper will become part of the Designit. The value of the deal will be approximately US$8.5 million.

The acquisition will strengthen Wipro Digital's design capabilities, expands its reach in North America and adds capabilities in professional design education, as its customer increasingly look at design as a differentiator for their products or services.

One shall note that, Wipro acquired Designit for nearly Rs 6 billion in July 2015 to add design and digital technology capabilities.

The acquisition process is expected to be completed in the October-December quarter of the current financial year, subject to customary closing condition, the reports noted.

Speaking of timeless stocks, the IT sector was much favored amongst investors since the turn of the decade.

The top 4 IT companies have underperformed the benchmark. With the sector heavily dependent on US customers, Trump's protectionist policy announcements have further dampened the mood in this sector.

Underperformance of Top IT Stocks

Also, with automation on the horizon, Indian IT companies' low cost labor outsourcing is turning into a thing of the past. As per Rahul Shah, co-head of Research, IT companies need to re-invent itself. Here's an excerpt of what he wrote recently:

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Wipro share price opened up by 0.6%.

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Mar 23, 2018 (Close)