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Indian share markets slip in the red
Tue, 26 Aug 01:30 pm

After opening flat, Indian share markets slipped below the dotted line in the post-noon trading session. Most of the sectoral indices are trading in the red with power and engineering stocks being the biggest losers. FMCG and pharma stocks are trading positive today.

BSE-Sensex is down 83 points and NSE-Nifty is trading 31 points down. BSE Mid Cap is trading 0.6% down and BSE Small Cap index is trading down by 1%. The rupee is trading at 60.54 to the US dollar.

Most of the engineering stocks are trading in the red with BGR Energy and Bharat Bijlee being the major losers whereas Everest Kanto and Finolex Cables are among the few stocks trading in the green. As per a leading financial daily, Alstom Projects has won a contract worth 400 m euros from Power Grid Corportion to construct a 3,000 MW transmission link between Haryana and Chhattisgarh. The Ultra-High Voltage Direct Current (UHVDC) link will connect Champa (Chattisgarh) and Krukshetra (Haryana). Th upcoming 3,000 MW transmission link will run parallel to the first UHVDC transmission link bagged by Alstom in 2012. As a result, the total transmission capacity of the system will increase to 6,000 MW. The stock of Alstom Projects is currently trading up by 0.3%.

Large cap software stocks are trading on a mixed note today. While CMC Ltd. is leading the pack of gainers, HCL Infosystem is leading losers. Top tier software firm Wipro is expecting to win deals worth multi million dollars in the media and telecom segment. Both these segments form the second largest business unit and contribute about 17% to the company's total revenues. It may be noted that these segments have been struggling over the past 2 to 3 years. The company hopes to win at least 4 to 6 deals in the US from these verticals which are expected to generate business in the range of US$ 50 to US$ 100 m each annually. As per the company, the deal flow in the pipe line will enable the company to grow by 15% on a YoY basis. Wipro is trading higher by 0.7% today.

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