Engg, realty stocks in favour today

Thu, 25 Jun Closing

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The Indian markets gathered momentum as the day progressed with buying activity picking up towards the end. The BSE-Sensex closed higher by about 166 points, while the NSE-Nifty closed higher by about 38 points. Gains were seen in stocks across the board with those from the capital goods and realty spaces leading the pack. BSE Mid Cap and BSE Small Cap indices ended the day on a strong note as well with respective indices closing higher by about 0.7% and 0.2% respectively.

European shares fell for a second straight session on Thursday, with lingering concerns of a Greek debt default following a lack of progress in negotiations with its creditors. Asian markets finished broadly lower today with shares in China leading the region. The Shanghai Composite is down 3.46% while Hong Kong's Hang Seng is off 0.95%. The rupee was trading flat at 63.59 in the mid-session against the US$.

According to a leading financial daily, Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by 'nth Dimension', a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The deal was inked and is worth projected 50 m pounds over the 10 years. In response to the creation of the partnership Circle will provide access to its hospitals, clinicians and experience of running healthcare, allowing Tech Mahindra to develop and adopt new technologies that improve patient care, operational delivery and to reduce costs for all parties. Tech Mahindra will develop new IT solutions for Circle's hospitals and NHS management contracts - giving its facilities access to state-of-the-art technologies that it has deployed in other sectors such as the telecoms sector, supporting the adoption of mobile healthcare solutions.

Stocks in the Oil & Gas sector ended the trading day on an encouraging note with Cairn India and GAIL being the most favored. According to a leading financial daily, ONGC sold July naptha cargo at 16$ a tonne, making this the lowest premium the company has received in more than three months for a naptha cargo sold out of Hazira. ONGC sold the 34,500-tonne cargo to Japan's Petro-Diamond for July 12-13 loading from Hazira. The fresh premium was about 30% lower than the average premium of $23 a tonne ONGC got for two cargoes sold out of the same port for June loading. The last time ONGC, which also exports naphtha from Mumbai, received a premium lower than $16 was in January 2015 when it sold a February 8-9 loading cargo to Unipec.