Sensex Remains Firm; Auto & IT Sectors Rally

Wed, 16 Nov 01:30 pm

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The Indian share markets pared some of the early gains but continue to trade in green during the noon trading session tracking gains from global markets. Sectoral indices are trading mixed with healthcare & consumer durable stocks leading the losses. While auto stocks and information technology sector witnessing maximum buying interest.

The BSE Sensex is trading higher by 157 points (up 0.6%) while the NSE Nifty is trading higher by 47 points (up 0.6%). The BSE Mid Cap index is trading up by 1.3% and BSE Small Cap index is trading up by 1%. Gold prices, per 10 grams, are trading at Rs 29,349 levels. Silver price, per kilogram is trading at Rs 41,457 levels. Crude oil is trading at Rs 3,111 per barrel. The rupee is trading at 67.78 to the US$.

Oil & gas stocks were trading in green with only GAIL and Gulf Oil Lubricants witnessing the selling pressure. As per an article in The Economic Times, Hindustan Petroleum Corporation Ltd (HPCL) is planning to pick up a 25% stake in the US$30-billion refinery to be set up on the west coast.

Reportedly, the proposed refinery-cum-petrochemicals complex will cost about Rs 1,500 billion. Moreover, Indian Oil Corporation (IOC) will take 50% stake in the proposed refinery (Subscription Required). Bharat Petroleum Corporation (BPCL) will take another 25%.

The refinery and a mega petrochemical complex will be set up in two phases. The first phase will be a 40mt unit along with an aromatic complex, naphtha cracker and polymer complex. This will cost Rs 1.2-1.5 trillion. The mega west coast refinery will produce petrol, diesel, LPG, ATF and feedstock for petrochemical plants in plastic, chemical and textile industries in Maharashtra.

Notably, fifteen million tonnes a year is the biggest refinery any public sector unit has set up in one stage. IOC recently started its 15 million tonnes unit at Paradip in Odisha. Moreover, India has a refining capacity of 232.066 million tonnes. And this demand is expected to reach 458 million tons by 2040, according to International Energy Agency.

In oil & gas sector, government is looking to merge 13 state oil companies to create a giant corporation. The idea is that the creation of such a giant firm will catapult India into a much bigger league. Whether this highly ambitious plan will be successfully executed is a big question.

Moving on to the news from . rose up by 0.7% after the company announced that it has partnered with ASG Technologies to offer enterprise data intelligence solution to enable financial services compliance. The partnership will integrate the offerings of Wipro's Data Management Centre of Excellence (CoE) with ASG's Enterprise Data Intelligence solution to improve compliance for the global financial services companies.

Wipro has signed a global value-added reseller (VAR) agreement with ASG. With this agreement, Wipro will have a non-exclusive license to sell the ASG Enterprise Data Intelligence solution worldwide to its customers. Further the global businesses in the financial services sector can respond to compliance requests in a timely manner and with confidence in the accuracy of their data.

The two companies will offer consultancy services on BCBS 239 and data lineage as a service. This will help financial services customers meet compliance guidelines, and align critical business controls to the data supply channel. Also, Wipro's service offering ensures that data is reported in a reliable and consistent manner across the business, the reports noted.

India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

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