Weakness All Across

Tue, 10 Nov Closing

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Indian equity markets languished in the red throughout today's trading session on the back of persistent selling activity across index heavyweights. While the BSE-Sensex today closed lower by 378 points, the NSE- Nifty closed lower by 132 points. The BSE Mid Cap and the BSE Small Cap were not spared either and lost around 1.7% and 0.8% respectively. Losses were largely seen in healthcare, metals and oil & gas stocks.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.15%, while the Hang Seng led the Shanghai Composite lower. They fell 1.43% and 0.18% respectively. European markets are mixed today. The CAC 40 is up 0.24% while the DAX gains 0.13%. The FTSE 100 is off 0.06%. The rupee was trading at 66.34 against the US$ in the afternoon session.

According to a leading financial daily, Tata Steel has entered into a collaboration with a leading UAE based petrochemical company to broaden its market base for energy sector products in the Middle-East. Tata Steel has joined hands with International Development Company (IDC) in acquiring national oil company approvals after recognizing the need to have local representation in Abu Dhabi.

The deal has come following increased focus by Tata Steel on productivity in a bid to reduce the total cost of ownership for its customers' projects. Tata Steel, along with IDC, will introduce its supply capabilities to oil and gas companies in the region, providing them with an opportunity to work with a supplier who has an excellent track record of providing for offshore and onshore line pipe projects worldwide.

In June 2015, the government imposed an anti-dumping duty of up to US$ 316 per tonne on a type of stainless steel imported from China, South Korea and Malaysia. The World Steel Association puts out the data for country wise production of steel every month. The latest data released on August 20, 2015, points out that between January and July 2015, Indian companies manufactured 52,889 thousand tonnes of steel. This is 9.2% more than what was manufactured during the same period last year. Vivek Kaul, the India Editor of 'The Daily Reckoning' highlights the implications faced by the steel companies.

Stocks from information Technology sector were under pressure today with HCL Technologies and Mphasis Ltd leading the losses. Wipro has reportedly entered into a partnership with Apttus, the category-defining Quote-to-Cash cloud solution provider, to deliver best-in-class Contract Lifecycle Management (CLM), Configure-Price-Quote (CPQ) & Revenue Management solutions to clients across industries.

This partnership combines Apttus's unique Quote-to-Cash functionalities with Wipro's CPQ/CLM solutions suite, strong salesforce foundation and expertise in solution implementations across industries. Reportedly, these integrated solutions enable clients to improve customer responsiveness, boost revenues while reducing operational costs and risks.

The script of Wipro finished the trading day on a negative note (down 0.6%) on the BSE.