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Indian stock markets surge upwards
Wed, 17 Jun 11:30 am

After opening the day on a positive note the Indian stock market indices have surged upwards. Buying interest is highest in the pharmaceutical sector.

The BSE-Sensex is trading up by 101 points (0.38%) and the NSE-Nifty is trading up by 23 points (0.30%). The S&P BSE Midcap index is trading up by 80 points (0.79%), while the S&P BSE Smallcap index is trading up by 98 points (0.91%). The rupee is trading at 64.13 to the US dollar. Gold and Silver are trading at Rs 26,897 per 10 grams & Rs 36755 per kilogram respectively.

Stocks in the Banking sector are trading on a mixed note with Kotak Mahindra Bank trading down by 0.22% and United Bank of India trading up by 3.76%. Foreign Investment Promotion Board (FIPB) has deferred its decision regarding granting permission to Kotak Mahindra Bank for increasing the stake of foreign shareholding to 55%. The Bank is seeking approval of FIPB to raise the aggregate foreign investment limit to 55%. The Reserve Bank has denied further foreign investments in the bank after foreign shareholding in the bank has reached the maximum permissible threshold after merger of ING Vysya Bank with Kotak Bank. The matter has been referred by the FIPB to the Department of Financial Services (DFS) due to the complexity of the subject as the Insurance Act limits the foreign ownership in the insurance sector at 49%.

Stocks in the Information Technology (IT) sector are trading on a firm note with Wipro trading up by 0.64% and Infosys trading up by 0.91%. After facing criticism from the Odisha Government for going slow on their expansion plans Wipro has committed a massive expansion plan for setting up an IT hub which would house 28,000 employees. This commitment has been made after notice received from the state government to take back the 26 acres of land allotted to them. Wipro had commenced construction of towers in 2007 but the work has progressed gradually as compared to Infosys, Tata Consultancy Services (TCS).

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