Indian stock markets gained momentum post noon with the positive momentum lasting till the end as the markets finished well in the green. While the BSE-Sensex today closed higher by 105 points, the NSE-Nifty closed higher by 31 points. The S&P BSE Midcap and the S&P BSE Smallcap indices also did well, ending higher by 0.3% and 0.4% respectively. Gains were largely seen in metals and FMCG stocks.
Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.22% and the Hang Seng rose 1.15%. The Shanghai Composite lost 0.06%. European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 1.87% while London's FTSE 100 is up 1.83% and Germany's DAX is up 1.81%. The rupee was trading strong at 65.98 against the US$ in the afternoon session.
According to a leading economic daily, HCL Technologies (HCL) signed an application development and maintenance contract with Deutsche Bank. Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design, build and test new applications in addition to the ongoing application maintenance and support services.
Reportedly, HCL will manage and enhance some of the existing application suites, including corporate banking and securities, global transaction banking, asset and wealth management and risk, finance and back-office operations across Deutsche Bank group. The program is part of a broader strategic initiative by Deutsche Bank. HCL is an innovation partner for the company’s digital strategy which aims to enhance customer experience by bringing innovation to its products, services and operations.
HCL Technologies announced its first quarter results for FY16 (the company has a June year ending) recently. Despite healthy deal momentum and a record high order book, the company's topline performance remained uninspiring. The high base and client specific issues have created problems along with delivery issues. The company reported a 3.3% QoQ increase in sales and a 2.3% QoQ rise in net profits. Here is our detailed analysis of the results.
Buying activity was witnessed across majority of the mining stocks with Vedanta Ltd and Hindustan Zinc leading the gains. India should be able to end coal import by 2017 except for a few power plants on the coast where it is difficult to transport fuel and thereby saving precious foreign exchange according to Power and Coal Minister Piyush Goyal. He expects state miner Coal India's production to double in the next five years to a billion tonnes a year from 500 million tonnes a year.
It is to be noted that India imported 215 million tonnes of coal last year despite having third largest coal reserves in the world. Coal India accounts for over 80% of domestic coal production.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Equitymaster requests your view! Post a comment on "Metal, FMCG in favour today". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!