Monday April 16, 10:30 AM
Double century... |
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By Equitymaster.com
With just one stock on the Nifty trading in the red, markets have opened the week on a firm note this morning. Buying is witnessed across the sectors with software and energy stocks leading the pack of gainers. Even the midcap stocks are on the buying list of investors as is evident from the 1% gain in the CNX Midcap index. Investors seem to be optimistic ahead of a slew of 4QFY07 results scheduled later this week.
The BSE Sensex is trading at 13, 614 (up 230 points) while the NSE Nifty is trading at 3,988 (up 70 points). The rupee is trading at 42.44 to the dollar.
According to a leading business daily, Tata Consultancy Services (TCS) has clinched a US$ 100 m technology solutions deal, spread over five years, from Bank of China (BOC). Bank of China is the second-biggest lender in China and has the largest global network among all Chinese banks. The deal is being touted as one of the largest in Asia and alignments across hardware, software and networking equipment are firming up for various consortia. TCS, which is in operations in China for the last five years, will provide a range of banking solutions to the BOC. As offshoring has not yet been tried in any of the Chinese banks, the Indian vendors are keen on garnering a portion of the current project to get access to the banking operations in China. The revenues will spread evenly over the five years. Though currently Chins forms a small part of the TCS' revenue, going forward the share is likely to increase. TCS and Wipro (WIPRd.BO, news) are currently in favour (up 5%), while Satyam is leading the pack of gainers (up 7%).
In the US markets, better-than-estimated 1QCY07 results declared by some companies led to the stocks ending firm last Friday. All the three benchmark indices, the Dow Jones, the S&P and the tech laden NASDAQ ended modestly up for the day and also the week. The oil prices ended marginally lower at US$ 64 per barrel. As regards global markets, while the European indices ended higher last Friday, most Asian indices are currently trading in the positive.
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