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Small & midcaps underperform today
Fri, 3 Jul Closing

After opening the day on a positive note, the indices maintained their upward momentum through the day, thus closing well in the green. While the BSE-Sensex today closed higher by 147 points, the NSE-Nifty closed higher by 40 points. Meanwhile, the S&P BSE Midcap index and the S&P BSE Smallcap index bucked the trend and ended the day flat. Sectoral indices closed the day on a mixed note.

European stocks slipped in early trade ahead of referendum in Greece. Asian markets closed mixed. The Straits Times gained 0.45%, while the Shanghai Composite crashed 5.84% today. The rupee was trading down 4 paise at 63.47 against the US dollar.

According to a leading financial daily, Infosys has been selected as a strategic partner by Allied Irish Banks, plc (AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. Infosys will also make significant investments in the Republic of Ireland. As a strategic partner to AIB, Infosys will provide traditional application development and management, as well as innovative services. Infosys will also set up a 200-seat facility in Dublin to house the staff who will be transferring from AIB as well as any additional staff who will be appointed locally following recent agreements that Infosys has signed in the region. Infosys intends to set aside US$ 10 m from its global Innovation Fund for Ireland-based start-ups. Earlier this year, Infosys announced the US$ 500 m Innovation Fund earmarked for investments in the growth of disruptive new technologies.

Most oil and gas sector stocks ended the trading day lower led by Gujarat State Petronet. According to a leading financial daily, Hindustan Petroleum Corporation (HPCL) is all set to raise US$ 200 m by August 2015. The state-run refiner will use the raised fund for its ongoing capital expenditure programme. The company would also be using the funds to finance its ongoing four pipeline projects. The projects would be completed by the year-end. These pipelines; Rewari-Kanpur pipeline, Uran-Chakan-Shikrapur LPG pipeline, Mangaluru-Hassan-Mysuru LPG pipeline and Awa-Salawas pipeline are being built at the cost of Rs 23.56 bn.

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