Markets remain range bound

Fri, 28 Sep 01:30 pm

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The Indian equity markets continued to trade in the positive territory, albeit in a range bound manner during the post noon trading session. Stocks across the board are in favor today with those from the auto and metal spaces leading the pack of gainers. Healthcare and banking stocks are amongst the top underperforming stocks at the moment.

The Sensex today is trading higher by about 240 points (up 1.3%), while the NSE-Nifty is trading higher by about 60 points (up 1%). Stocks from the midcap and smallcap spaces also traded firm with the BSE Mid Cap and BSE Small Cap indices trading up by over 1% each. The rupee is trading at 52.68 to the US dollar.

Banking stocks are currently trading firm led by Bank of Baroda, Union Bank and Andhra Bank. The stock of Yes Bank is trading higher today. Gains in the stock seem to be on account of the private lender receiving the approval of the Reserve Bank of India to foray into securities broking business. As per the bank's management, it would roll out services in FY14. This service would add to the bank's product offerings and offer synergies to its retail savings and loan offerings. As per the bank this service would be well positioned to offer its retail clients a complete suite of banking services, including savings, investments, wealth and loan products. Dr. Rana Kapoor, Yes Bank's founder, managing director and chief executive officer is of the view that post the success of the Yes Bank's 6% and 7% savings account interest rate proposition, it can now be complemented by the retail broking services.

Stocks of information technology companies are trading firm led by Financial Technologies, Tech Mahindra and Tata Consultancy Services (TCS). As per a leading financial daily, Mahindra Satyam has launched in-vehicle infontainment solution globally. The solution offers seamless connectivity between a smartphone and in-vehicle infotainment system to provide functionalities such as navigation and multimedia capabilities. According to the company, the solution provides the rear-seat passenger complete entertainment and enterprise solutions package enabling him to be constantly connected to home as well as office. The networked or 'smart' vehicle will enable the passenger to shop, pay bills, check email, watch videos, access news and social media, and be connected always. The passenger can also enjoy a host of other services such as access to public utilities, emergency services and financial institutions. Depending upon the success of the 'Connected Vehicle Concept', Mahindra Satyam plans to integrate other value-added services such as speech recognition, text-to-speech technology, gesture recognition, health monitoring and driving pattern tracking into the system.