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India's Third Giant Leap

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Broad based buying in markets
Thu, 18 Sep 11:30 am

After opening firm, the benchmark Indian Indices have remained well above the dotted line in the morning session. All sectoral indices are currently trading in the green. The buying interest is the highest in engineering stocks.

The BSE-Sensex is trading up 322 points. The NSE-Nifty is trading up 98 points. The BSE Mid Cap index is trading up 1.7% and the BSE Small Cap index is trading up 2.5%. The rupee is trading at 61.04 to the US dollar.

Most software stocks are trading higher today. HCL Technologies and Wipro are leading the gainers. As per a leading financial daily, India's leading mid-tier software firm Persistent Systems, has said that it will be acquiring stake in Pune-based Altizon for US$ 100,000. Altizon is a software product development firm focused on the Internet of Things (IoT). The company will buy the stake in one or more tranches over a period of time and it has remitted the first tranche before making the filing to the BSE. Persistent follows a strategy of making investments in innovative small IT firms to drive synergies with its core business. Persistent Systems is currently trading up 0.8%.

Most telecom stocks are trading higher today. Tata Teleservices and Mahanagar Telephone Nigam Limited (MTNL) are leading the gainers. As per a leading financial daily, Indian telecom firms have said that they have restored 80% of the network in the state of J&K. The state had witnessed the worst flooding in several decades which had disrupted services. However, a complete restoration of services will be possible only when water levels in the submerged areas recedes fully. The flooding had severely affected the operations of mobile towers in the state. Telcos have been working with local authorities to get the services up and running. The disruption in services is not likely to have a significant impact on the financials of the companies.

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