Indian Equity markets move upwards

Thu, 21 Mar 11:30 am

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Indian equity markets have continued to move upwards in the previous two hours of trade. The most noticeable upward movements have been witnessed in the bank and metal sectors while FMCG and auto were the only two sectors, which have languished in the red.

The BSE Sensex is up by 115 points and NSE-Nifty is up by 37 points. BSE Mid Cap index is trading up by 0.13% while BSE Small Cap index is trading down by 0.12%. The rupee is trading at 54.27 to the US dollar.

Large software shares are trading on a mixed note with Moser Baer India and Mahindra Satyam leading the gains while NIIT and Mphasis are witnessing the maximum selling pressures. According to a leading business daily, Wipro Infotech, the India and Middle East IT Business unit of Wipro Ltd, has won a three year strategic managed services contract from the banking group, Emirates NBD to deliver end-to-end service transition and transformational services. This includes maintaining the banking group's IT systems through a managed service framework, comprehensive help desk and field support services, a joint statement by the two companies said. It will make the processes more streamlined thereby allowing the bank to offer better services to its end customers. Emirates NBD is the leading retail banking franchise in the UAE and a major player in the corporate banking arena. Wipro will support both physically and remotely all Emirates NBD's offices in the Middle East and many of its international offices through a remote support model. Wipro's shares are trading up by 0.49%.

Auto shares are trading on a mixed note with Force Motors and M&M leading the pack, while Maharashtra Scoters and Tata Motors are facing the maximum selling pressures. According to a leading financial daily, a leading model of Maruti Suzuki, Maruti Swift is available at a discount for the first time since its launch in 2005 with no waiting period for delivery. To counter the slowdown in sales, Maruti is now offering a straight Rs 5000 corporate discount on sales of Swift. The daily further suggests that Maruti has identified more than 100 companies including ABB, Canara Bank, Jet Airways, LIC, L&T and Vodafone eligible for direct cash rebates. Maruti has not yet started rolling out discount schemes for retail customers. However, some dealers, particularly in Bangalore and Mumbai are offering cash discounts on Swift besides giving a flat Rs 10,000 off on select variants of the highly successful Dzire compact sedan. Maruti's shares are trading down by 0.8%.