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Sensex, Nifty hover near record high levels
Oct-13-2017

Key Indian benchmarks added the gains and were hovering near record high levels in late afternoon session, as good macro economic data buoyed the sentiments, despite weak opening in European markets. India’s industrial output strengthened in August 2017 to record robust 4.3% growth, while retail inflation for September 2017 eased to 3.28%, as compared to 4.39% in the same month previous year and 3.36% in August 2017. The markets also got support with Finance Minister Arun Jaitley’s statement that a ‘different India’ is ready to benefit from a strong global economic recovery after a series of reforms including demonetisation, goods and services tax, easing of regulations and procedures. Some comfort also came after the National Association of Software and Services Companies (Nasscom) shifted the revenue projection up for the BPM industry, noting that the industry would increase to $50-55 billion by 2025 on the back of the adaptation of the new digital technologies like robotic process automation and advanced analytics. Meanwhile, foreign direct investment (FDI) in China rose the most in more than two years in September, likely boosted by strong growth in the country's manufacturing and hi-tech sectors.

On the global front, European markets were trading mostly in red, as investor’s monitored fresh economic data, earnings and speeches from central bank policymakers. Asian markets were trading mostly in green. Back home, in scrip specific development,  Allahabad Bank was trading higher after the bank received an approval for raising equity capital aggregating up to Rs 1000 crore (including premium) through Qualified Institutions Placement (QIP) in one or more tranches during Financial Year 2017-18 subject to all statutory and regulatory approval in this regard.

The BSE Sensex is currently trading at 32462.93, up by 280.71 points or 0.87% after trading in a range of 32247.74 and 32488.85. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.08%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were Telecom up by 5.08%, Metal up by 1.64%, Bankex up by 1.54%, TECK up by 1.16% and Realty up by 0.92%, while FMCG down by 0.42% and Oil & Gas down by 0.09% were the only losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 7.57%, Tata Steel up by 3.38%, Kotak Mahindra Bank up by 2.23%, Coal India up by 2.16% and HDFC Bank up by 2.07%. On the flip side, ITC down by 0.90%, Dr. Reddy’s Lab down by 0.67%, NTPC down by 0.42%, Mahindra & Mahindra down by 0.40% and Maruti Suzuki down by 0.33% were the top losers.

Meanwhile, the IT industry body, the National Association of Software and Services Companies (Nasscom) has shifted the revenue projection up for the industry, noting that the BPM industry would increase to $50-55 billion by 2025 on the back of the adaptation of the new digital technologies like robotic process automation and advanced analytics.

The industry body also pegged share enlargement of digital technologies in revenues of BPM service providers, to 60-70 percent over the same time frame and highlighted the current BPM industry’s revenue growth rate which is 1.7 times annually. Besides this, it said that the BPM industry is also representing more than 35 percent share in global sourcing and 38 percent in the employable graduate pool.

Nasscom Chairman Raman Roy praised the BPM industry’s efforts to improve the customer experience and services and added that the companies higher order thinking and digital assistance will enable them to tap new geographies, verticals and markets. Going further, the Nasscom BPM Council also highlighted its priorities for the industry, which include positioning India as the destination of choice for global firms to deliver transformation value and the BPM sector as a world-class industry of choice for aspiring professionals.

The CNX Nifty is currently trading at 10177.20, up by 80.80 points or 0.80% after trading in a range of 10120.10 and 10183.25. There were 34 stocks advancing against 15 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Bharti Airtel up by 7.43%, Bharti Infratel up by 3.68%, Tata Steel up by 3.43%, Kotak Mahindra Bank up by 2.27% and Ultratech Cement up by 2.01%. On the flip side, GAIL India down by 2.02%, Zee Entertainment down by 1.16%, ITC down by 0.97%, UPL down by 0.88% and Dr. Reddy’s Lab down by 0.62% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite increased 4.42 points or 0.13% to 3,390.52, Taiwan Weighted increased 12.65 points or 0.12% to 10,724.09, Hang Seng increased 17.4 points or 0.06% to 28,476.43 and Nikkei 225 increased 200.46 points or 0.96% to 21,155.18. On the flip side, Jakarta Composite decreased 10.2 points or 0.17% to 5,916.01, FTSE Bursa Malaysia KLCI decreased 1.42 points or 0.08% to 1,752.58 and KOSPI Index decreased 1.14 points or 0.05% to 2,473.62.

European markets were trading mostly in red; UK’s FTSE 100 decreased 27.18 points or 0.36% to 7,529.06 and France’s CAC was down by 2.19 points or 0.04% to 5,358.62, while Germany’s DAX increased 2.23 points or 0.02% to 12,985.12.

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