Indices Firm Despite Fed Rate Hike

Thu, 17 Dec 09:30 am

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Major Asian stock markets have opened the day on an encouraging note, with stock markets in Japan (up 1.8%) and China (up 1.5%) being the top gainers. Major stock indices in Europe and US ended their previous session on a positive note after US Federal Bank hiked benchmark interest rates by 0.25%. As reported in Bloomberg, Fed also signaled an increase in benchmark interest rates by 0.25% in every quarter for the calendar year of 2016. The rupee is trading at 66.84 per US dollar.

Indian stock markets too have opened the day on a firm footing. BSE-Sensex is trading higher by 100 points (up 0.4%) and NSE-Nifty is trading higher by 35 points (up 0.4%). Both BSE Mid Cap and BSE Small Cap have surged upwards and are trading higher by 0.8% and 1% respectively. Major sectoral indices have opened on firm footing. Stocks from banking and pharmaceutical sector are in maximum demand.

As per an article in leading financial daily, minority shareholders of Maruti Suzuki have given their approval to the company's parent entity Suzuki to invest and run its third plant in Gujarat. There is an agreement for contract manufacturing between Maruti and Suzuki wherein the latter will manufacture cars at Gujarat plant and sell it to Maruti at no-profit-no-loss basis. Afterwards it will be Maruti which will be selling the car to the dealers or end-consumers.

Reportedly, related party transaction needs approval of minority shareholders and hence the proposal was put to vote. Reportedly, Life Insurance Corporation (LIC) which owns 5% in the company is said to have voted in favour of the resolution.

The Gujarat plant is critical as well as crucial to the company's target of achieving sales of two million cars by 2020.

Maruti is trading down by 0.3%.

As per an article in leading financial daily, Tata Consultancy Services (TCS) has bagged a multimillion deal to provide application testing services to Deutsche Lufthansa. TCS will provide testing services which will enable Lufthansa to improve the quality of service in relation to technology operations.

Reportedly, Lufthansa was looking to consolidate its global Information Technology (IT) service providers. Considering this Lufthansa struck a deal with TCS on a long term basis. TCS stated that Lufthansa is their most valuable client and that the company is looking to expand their talent base and operations in Germany.

TCS is trading down by 0.1%.

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