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Sensex Trades on a Volatile Note; Bank Stocks Top Losers
Wed, 18 Oct 01:30 pm | Prasheel Vartak, TM Team

After opening the day in red, Share markets in India have traded on a volatile note and are presently trading below the dotted line. Sectoral indices are trading on a mixed note, with stocks in the capital goods sector and stocks in the realty sector witnessing maximum buying interest, while stocks in the banking sector are leading the losses.

The BSE Sensex is up by 14 points (up 0.1%) and the NSE Nifty is trading down by 16 points (down 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.90 to the US$.

In news from stocks in the IT sector. Wipro share price is in focus today after the company declared is second quarter results.

Wipro Ltd, India's third largest software firm, yesterday reported a 5.8 per cent rise in net profit for three months to September but gave a muted guidance for the third quarter earnings.

Its consolidated net profit (attributable to equity shareholders) in July-September at Rs. 21 billion, was higher than Rs. 20.7 billion, in the same period a year before, the company said in a statement.

On a sequential basis, the profit was up 5.5%.

Its total income fell by about 1.9% to Rs. 141.3 billion and the company said the healthcare segment continues to be volatile.

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IT services revenue in dollar terms grew by 2.1% quarter-on-quarter to US$ 2 billion in July-September, while constant currency sequential growth was 0.3%.

Net utilisation for the quarter stood 81.8% vs 80.3% in last quarter. Attrition during the quarter stood at 15.7% vs 15.9% in Q1FY18.

It's still early days, but the attrition rate at mid-cap IT companies seems to be holding up relatively well after the Trump onslaught. Both NIIT Tech and Mind Tree have lost less of their total workforce than industry giants like Infosys and TCS and Wipro.

IT Mid-Caps Weathering the Storm Better Than Large Caps

This is a little counterintuitive. Of course, not much can be inferred from just a couple of quarters of data. And who knows, this could all just be noise and not a trend pointer.

But that doesn't mean it's too early to ask if large IT companies are in a hurry to get rid of a redundant workforce. Or if they're moving to automation faster than smaller companies. Or if they're hiring more from the US after the visa overhaul and less from India.

At the time of writing, Wipro share price was trading up by 1.6%.

Moving on to news from stocks in the power sector. Power Grid Corp share price is among the top gainers on the bourses today.

The surge comes after the company emerged as a successful bidder to strengthen transmission operations in Bihar.

The bidding was done to establish 'Eastern Region Strengthening Scheme' on a build, own, operate and maintain basis.

The bidding was done under Tariff Based Competitive Bidding or TBCB.

With the new bidding in place, the company will be traversing the Transmission system in the state of Bihar, with the establishment of three new 400kV substations and associated 400kV transmission lines.

Earlier this month, Power Grid Corp had entered into a term loan facility agreement with ICICI Bank for Rs 32.7 billion.

The company plans to use these funds for the current project, as well as for capital expenditure. The company has as an ambitious investment plan and has budgeted capital including investment in joint venture and subsidiaries of more than Rs 250 billion during 2017-18

At the time of writing, Power Grid Corp share price was trading up by 3.5%.

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Stock Market Updates

STRIDES PHARMA SCIENCE Share Price Up by 5%; BSE HEALTHCARE Index Up 1.1% (Today's Market)

Mar 2, 2021 03:23 PM

STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).

JAGRAN PRAKASHAN Share Price Down by 7%; BSE 500 Index Up 1.3% (Today's Market)

Mar 2, 2021 03:23 PM

JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..

JK LAKSHMI CEMENT Share Price Up by 11%; BSE 500 Index Up 1.0% (Today's Market)

Mar 2, 2021 03:15 PM

JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .

L&T TECHONOLOGY Share Price Up by 5%; BSE IT Index Up 2.4% (Today's Market)

Mar 2, 2021 03:11 PM

L&T TECHONOLOGY share price is trading up by 5% and its current market price is Rs 2,732. The BSE IT is up by 2.4%. The top gainers in the BSE IT Index are L&T TECHONOLOGY (up 5.4%) and L&T INFOTECH (up 5.4%). The top losers are CYIENT (down 0.3%) and TATA ELXSI (down 1.4%).

GUJARAT PIPAVAV PORT Share Price Up by 5%; BSE REALTY Index Up 0.5% (Today's Market)

Mar 2, 2021 03:11 PM

GUJARAT PIPAVAV PORT share price is trading up by 5% and its current market price is Rs 104. The BSE REALTY is up by 0.5%. The top gainers in the BSE REALTY Index are GUJARAT PIPAVAV PORT (up 5.2%) and INDIABULLS REAL EST (up 6.2%). The top losers are MAHINDRA LIFESPACE (down 0.1%) and PRESTIGE ESTATES (down 0.3%).

Sensex Opens 450 Points Higher; BPCL Jumps 4% (Today's Market)

Mar 2, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 481 points, while the Nifty is trading higher by 137 points.

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