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Indian markets remain buoyant
Fri, 23 May 11:30 am

After opening in the green, the Indian indices have continued their upward trend in the last two hours of the trading session. The buying interest is the highest engineering, software and energy stocks.

The BSE-Sensex is trading up 225 points and the NSE-Nifty is trading up 65 points. The BSE Mid Cap index is trading up 1.2%, while the BSE Small Cap index is trading up 1.7% today. The rupee is trading at 58.48 to the US dollar.

Most of the Energy stocks are trading positive today. Indian Oil Corp (IOC) and Oil and Natural Gas Corporation Ltd. (ONGC) are leading the gainers. The government has ordered several oil and gas companies to provide US$ 11.4 bn subsidy for FY14 to help cover losses of state retailers that sell fuels at cheaper rates. The subsidy amount is about 48% of the US$ 23.8 bn revenue losses of the retailers in FY14. The subsidy will be paid by ONGC, Gas Authority Of India Ltd. (GAIL) and Oil India Ltd. (OIL). As compared to last fiscal; the subsidy amount has increased substantially by 12%. The government shall also provide a cash subsidy of Rs 703 bn for this fiscal. The government regulates retail prices of liquefied petroleum gas, kerosene and diesel to keep the prices under control. This entails revenue losses to retailers like IOC, Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).

Most of the Software stocks are trading positive today. Wipro and Tech Mahindra are leading the gainers. As per a leading financial daily, India's second largest software firm Infosys has won a US$ 50 m deal from global telecom giant AT&T which is already one of the company's largest clients. With this deal, Infosys will have AT&T as a US$ 100 m client in both US and Europe. Infosys will handle billing and web solutions for the telecom major on a pay-per-use model. The Telecom vertical contributes only 8.6% of the revenues for Infosys currently. This deal will enable the company to build on its domain expertise in this segment as well as improve its revenue profile from Europe. Infosys is trading up 1.3% today.

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