Realty and banking stocks surge

Fri, 18 Sep Closing

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While the Indian markets witnessed some pressure towards the end, they still ended the day comfortably in the green. The BSE-Sensex ended the day higher by about 201 points, while the NSE-Nifty ended higher by about 83 points. Stocks from the banking and realty spaces were amongst the most preferred, while those from the FMCG and capital goods sectors were amongst the underperformers. Mid and smallcap stocks too seemed to be in favor today with the BSE Mid Cap and BSE Small Cap indices ending the day higher by about 0.9% and 1.1% respectively.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.38% and the Hang Seng rose 0.30%. The Nikkei 225 lost 1.96%. European markets are broadly lower today with shares in Germany off the most. The rupee strengthened against the US$ and was trading at 65.92 in the afternoon session.

According to a leading financial daily, Larsen & Toubro (L&T) has received an order worth around Rs 17 bn from Marubeni Corporation, Japan, for setting up the Bibiyana III 400 MW Combined Cycle Power Plant Project of Bangladesh Power Development Board (BPDB). BPDB awarded the EPC contract for setting up the 400 MW gas based power plant project to Marubeni Corporation of Japan, which in turn awarded the EPC sub-contract to the company on turnkey basis. This plant will be located at Nabiganj Upzila in Habiganj District of Sylhet Division, in the north-eastern sector of Bangladesh, at a distance of approximately 130 km by road from Agartala in India. The company's scope of work includes design, detailed engineering, supply, installation and commissioning of the complete power plant on turnkey basis. The plant will incorporate state-of-the-art advanced class gas turbine and generator from Mitsubishi Hitachi Power Systems, Japan, and high efficiency steam turbine and generator from Fuji Electric company, Japan, which will be procured by the company.

Buying activity was witnessed across majority of IT sector with Tech Mahindra and Hexaware Technologies leading the gains. According to a leading financial daily, Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys has entered into strategic tie-up with Qantas Credit Union whereby the later has chosen Infosys Finacle to improve its customer's digital experience, as part of their business transformation strategy. Qantas Credit Union is leveraging the flexibility of Infosys Finacle's 'software-as-a-service' model to provide its members with the latest banking services, without the significant overhead costs often associated with complete legacy technology upgrade.