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Markets close up on positive IIP data
Fri, 10 Dec Closing

Indian indices surged upwards today on positive IIP data. Industrial output in October 2010 rose by 10.8% YoY, leading stocks from the consumer durables and banking space higher. While they opened weak, the situation improved as buying intensified and markets later closed firmly in the green. While the BSE Sensex closed higher by around 267 points (up 1.4%), the NSE Nifty gained around 91 points (up 1.6%). After taking a beating over the past few days, the other indices regained some momentum. The BSE Midcap and the BSE Smallcap gained around 2.0% and 2.4% respectively. Most of the sectoral indices closed in the green with only Auto and IT stocks seeing lower gains.

As regards global markets, Asian indices closed mainly in the red today, except China. European indices however, opened in the green. The rupee was trading at Rs 45.06 to the dollar at the time of writing.

HCL Technologies announced that it signed a multi-year partnership with Lojas Renner. Thus company is the 2nd largest fashion retailer in Brazil. Under the partnership, the Indian IT player will be responsible for supporting Oracle systems. These are deployed in over 130 stores of Lojas Renner across Brazil. HCL has already been working with Lojas as a partner for more than a year. It has engaged in work relating to strategic consulting and performance optimization of the Oracle systems. The stock closed higher for the day.

Engineering major Punj Lloyd announced that it has been awarded two repeat orders worth Rs 14.6 bn. These include an Rs 12.9 bn onshore gas pipeline project from PTT Public, a State oil & gas major from Thailand. The scope of the project includes a detailed Engineering, Procurement, Construction (EPC) and Commissioning of an onshore LNG gas pipeline. The second order includes mechanical and piping for units of Indian Oil Corporation's Paradip Refinery. This contract is worth Rs. 1.7 bn. The Punj Lloyd stock closed almost 5% up for the day.

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