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Sensex Ends 342 Points Higher; IT & Auto Stocks Witness Buying

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After opening the day marginally higher, Indian share markets continued their momentum and ended their day on a positive note. Sectoral indices ended on a mixed note with stocks in the IT sector and automobiles sector witnessed maximum buying interest while realty stocks and telecom stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 342 points (up 1%) and the NSE Nifty closed higher by 88 points (up 0.8%). The BSE Mid Cap index ended the day up by 0.4%, while the BSE Small Cap index ended the day up by 0.7%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 0.5% and the Nikkei was trading up by 0.6%. The Shanghai Composite stood higher by 5.6%.

The rupee was trading at 70.99 to the US$ at the time of writing.

In the news from the banking sector, HDFC Bank share price was in focus today as the bank has partnered with Route Mobile to showcase Rich Communication Services (RCS) on Google's RCS Business Messaging platform at Mobile World Congress (MWC) 2019.

Route Mobile is among the leading cloud-communications platform service provider to enterprises, over-the-top (OTT) players and mobile network operators.

HDFC bank share price ended the day up by 1.6%.

To know more about the company, you can read HDFC bank's latest result analysis on our website.

In another news, Bank of Baroda share price was also in focus today as the lender has tied up with Germany's KfW Development Bank to extend funding of $113 million to refinance solar projects, under the Solar Partnership II - Promotion of Solar PV in India.

This proposal constitutes part of the overarching Indo-German Solar Energy Partnership. Under an inter-governmental Memorandum of Understanding (MoU) in 2015, Germany has committed to providing financing support through KfW Development Bank for solar photo voltaic investments.

Bank of Baroda share price ended the day up by 0.2%.

Speaking of foreign players investing in India, many private equity funds have joined hands to increase their controlling stakes in Indian investments lately.

Here are some examples...

• A joint venture between Brookfield Asset Management Inc. and State Bank of India for distressed assets.
• The acquisition of a stake in Mankind Pharma by ChrysCapital, GIC and the Canada Pension Plan Investment Board.
• Resurgent Power Ventures Pvt. Ltd, a platform created by Tata Power and ICICI Venture, raising capital from Kuwait Investment Authority and State General Reserve Fund of Oman.

India Focused Global Funds Raising Top Dollar

Here's what Tanushree Banerjee, co-head of Research at Equitymaster, wrote about this in one of the recent editions of The 5 Minute WrapUp...

• Enticed by their long-term prospects, these funds are losing no time to enhance stake in their Indian investments.
  
  And this is possibly just the start.
  
  According to OECD, the 20 largest pension funds together hold about 43.2% of total global pension assets. Even if India receives a 5% allocation, it will mean a boom in the stock market.
  
  In last three years, these funds have consolidated because of stronger growth among the bigger pension players.
  
  These players are likely to focus on countries offering strong returns apart from relative safety, like India.

Moving on to the news from the IT space, Infosys share price witnessed buying interest today as the IT major has launched new service offerings that will help enterprises imagine and create new economies with 5G technology, while simultaneously helping communication service providers accelerate and monetize their 5G network deployment.

As per an article in a leading financial daily, the company's newly established 5G Living Labs in five global locations - (Bengaluru, Richardson, Indianapolis, Frankfurt and Melbourne) will help ideate and bring these new economies to life.

Infosys share price ended the day higher by 3%.

To know more about the company, you can read Infosys's latest result analysis on our website.

Wipro share price also witnessed buying interest today as the company said that it received approval for increase in authorized share capital and issue of bonus shares from the majority of its shareholders.

Shares of the company jumped around 2% and ended at Rs 387, its highest level in 19 years.

As per an article in The Economic Times, the board of the directors fixed March 7, 2019 as the record date to determine eligible shareholders entitled to receive the bonus equity shares.

Here's an excerpt from the article:

• The IT services major had announced in January that its board approved an issue of bonus shares ensuring one bonus share to shareholders for every three held by them.
  
  Post the approval by the majority shareholders, Wipro's authorised share capital stands increased from Rs 1,126.50 crore to Rs 2,526.50 crore by creation of additional 700 crore equity shares of Rs 2 each.

To know more about the company, you can read Wipro's latest result analysis on our website.

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