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Samvat 2070 starts positively
Sun, 3 Nov Closing

Samvat 2070 started positively with all sectoral indices except the Banking index closing higher in the special trading session. Auto and Pharma stocks witnessed the maximum buying interest. The Indian stock markets opened positively but gave up most of the gains towards the end of the session.

While the BSE Sensex closed higher by 43 points the NSE-Nifty closed higher by 10 points. The BSE Mid Cap index closed higher by 1% and the BSE Small Cap index closed higher by 1.4%.

IT stocks closed higher today with Wipro and Tech Mahindra leading the gainers. India's third largest software firm Wipro has announced that it has launched a new technology center in Hyderabad. This center will be uniquely focused on mobile technologies. For this, it has tied up with Kony Inc, a leading cloud based mobile application development firm. The center will look to deliver innovative mobile solutions using Kony's mobile platform. Wipro's enterprise customers are reportedly seeking greater value for money solutions, in a rapidly changing business environment. Mobile technology along with cloud, social media and analytics are considered to be disruptive technologies which demand a rapid response to customers in the market. Wipro is the second Indian IT firm after TCS to set up a center specially catering to such disruptive technologies. Wipro will aim to create platforms and products specially designed for individual clients. Wipro closed up 0.5% today.

Engineering stocks are trading mixed today. TRF Ltd and AIA Engineering are leading the gainers, while Punj Lloyd and Crompton Greaves are leading the losers. Engineering major Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 25.7 bn from Neyveli Lignite Corporation Limited (NLC). The order includes manufacturing and supply of Steam Generator Package for two thermal units of 500 MW each. BHEL has also secured orders earlier from NLC for their Tuticorin, Neyveli and Barsingsar projects. This order is a boost to BHEL's weakening order book. The company had booked orders of only Rs 14.69 bn (down 74% YoY) during the previous quarter 1QFY14. BHEL traded flat in today's trading session.

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