The Indian benchmarks ended the day on a negative note on June 13, 2013. After opening with a gap down, benchmarks lifted up but could not sustain and soon came down. Then they practically traded sideward for the whole day. Finance Minister P Chidambaram's assurances on the health of the economy failed to calm jittery investors. Rating agency Fitch late Wednesday raised its outlook on India's sovereign rating to 'stable' from 'negative', but the market ignored the upgrade in the face of too many negative macro data points. The benchmarks closed at the lowest level in last two months and traders were unwilling to look for bargains due to weakening rupee and bearish sentiment on the international scene. All these led the Sensex to close at the level of 18827.16 i.e. down by 213.97 points and the Nifty to close at the level of 5699.10 i.e. down by 61.10 points. The midcap index and the small cap index closed in red with the loss of one and three-tens of a percentage point and slightly more than one percentage point respectively. On the sectoral front, all the indicies except one closed in red. The Consumer Durables Index closed as the biggest gainer with a gain of more than one and half a percentage point. On the other hand the Auto Index closed as the biggest loser with a loss of two and one-third of a percentage point. This was followed by the Realty Index which closed with the loss of two and three-tens of a percentage point.
Further, the market breadth closed negative as two stocks were seen advancing against each declining stock.
On CMX, precious metals are trading lower since morning after the last session’s steep gain due to concern over Federal Reserve monetary stimulus. Actively traded Gold contract is losing almost half a percent or $5.40 to trade at $1386.50 while Silver is trading slightly lower at $21.75, down 46 cents or 0.21% an ounce. On LME, base metals are trading lower drastically with Copper trading at $7065.75, eased 0.95% or $67.50 while Zinc was losing most of the ground among the industrial metals group, dropped 1.31% or $24.50 to trade at $1845.25. Crude Oil is declining to half a percent or 42 cents to trade at $95.57 after having tested a low of $95.02 on NYMEX while Natural Gas is trading in red at $3.75, down 2 cents or 0.64% per mmBtu. Natural Gas traders are waiting for EIA’s Natural Gas Storage report which is set to be released tonight at 8.00PM while other commodities traders are waiting for US Jobless Claims data at 6.00PM.
The major Indian equity benchmarks started the day on a negative note with a gap down on June 13, 2013. Market opening with gap down has become a trend for last few days This was on the back of international cues . In US , Dow ends below 15000. It logs first three day drop in 2013. On the other hand Asian markets crashed on Thursday as the prospect of less stimulus from central banks depressed sentiment, while the US dollar fell further against the yen amid uncertainty over the Federal Reserve's policy outlook.Post opening, Indian benchmarks are seen recovering the losses but the demand force does not seem sufficient enough to carry it to the green zone. Despite opposition from key ally, NCP leader and Agriculture Minister Sharad Pawar, the UPA is set to push through the Food Security ordinance at the Cabinet meet on Thursday. O the other hand global rating agency Fitch has upgraded the country’s sovereign credit outlook to stable from negative. All these led the Sensex to trade near the level of 18849.05 i.e. down by 192.08 points & the Nifty to trade near the level of 5706.50 i.e. down by 53.70 points. The Midcap index and small cap index are both trading in red with the loss of half a percentage point and one-third of a percentage point respectively. On the sectoral front, all the indices except one are trading in red. The Consumer Durables Index is trading as the biggest gainer with the gain of more than two and one-third of a percentage point. On the other hand, Auto index is the biggest loser with the loss of one and nine-tens of a percentage point. This is followed by the FMCG Index which is trading with the loss of nearly one and quarter of a percentage point.
Further, the market breadth opened negative as three stocks were seen advancing against seven declining stocks.
NEW DELHI: IT services major WiproBSE -0.12 % Ltd on Wednesday said it will triple its headcount in Germany by hiring over 1,000 people over the next three years with an aim to expand its operations in the key European nation.
According to industry estimates Germany's IT market size stood at around $80 billion last year.
"Wipro plans to triple its employee strength in Germany over the next three years, by hiring over 1,000 professionals," the company said in a release.
At present, the Bangalore-headquartered firm has over 500 employees in Germany, which serve more than 30 clients. It has 145,000 employees across 98 countries as on March 31, 2013.
Its customers in Germany include a global automotive company, an European utilities major and one of the largest telecom companies in the country, among others, Wipro said.
"Wipro expects to see significant traction in the retail, automotive, telecom, healthcare, banking and energy and utilities sectors in Germany in the years to come," it added.
To drive stronger incremental growth in the future, Wipro is looking to address the requirements of medium-sized enterprises in the region, in addition to its existing focus on large global enterprises, it said.
The company has a three-pronged strategy for Germany. "We are making investments in building strong domain knowledge in key growth verticals and are hiring local talent with strong delivery and program management capabilities," Wipro Chief Sales and Operations Officer (Growth Markets) Rajat Mathur said.
The firm will continue to strengthen our new business hunting approach in order to build a strong and structured pipe-line of business opportunities for the next three-five years, he added.
In Germany, Wipro has IT development centres in Munich, Meerbusch, Nuremberg and sales offices in Frankfurt, Munich, Cologne and Meerbusch.
It has an on-shore datacenter capability in Meerbusch that offers a broad range of IT infrastructure management services to Wipro's European and global customers.
(Source: economictimes.indiatimes.com)
Key benchmark indices edged lower data showing a muted 2% growth in industrial production in April 2013 & uncomfortably high CPI (9.31%) weighed on sentiment. The BSE Sensex settled at 19041 down by 102 points and Nifty closed at 5760 down by 28.6 points. The market breadth, indicating the overall health of the market, was negative. On BSE, 1,398 shares fell and 967 shares rose. A total of 125 shares were unchanged. On NSE A/D ratio stood at 503: 728, 52 shares were unchanged.
Shares of Tata Group companies declined. Tata Coffee (down 20%), Tata Teleservices Maharashtra (down 19.74%), Tata Power Company (down 3.03%), Tata Communications (down 2.63%), TCS (down 2.06%) and Rallis India (down 0.35%), edged lower. Titan Industries tumbled 13.32% to Rs 204.90, with the stock extending Tuesday's 10.86% losses triggered by the company's announcement that the Reserve Bank of India (RBI) has clarified that all imports of gold for domestic consumption, either through banks, nominated agencies or directly can be made only with 100% cash margin.
Sectors that outperformed are Oil & Gas and Banking, whereas Consumer Durables (down by 7.37%), Metals, IT are the underperformers in today’s market.
Precious metals are trading mixed in a small range with Gold trading at $1376.20, almost flat since last settlement and Silver is at $21.72, higher by 0.34% at the time of writing this. However, prices are consolidating in a range but the near term outlook is likely to remain bearish for both Gold and Silver. On base metals, 3-month Nickel is the only metal to red in red by -0.43% at $14420.00 while all other metals are trading higher at the time of writing this. Copper on LME is trading at $7142.00, up by 75 points or 1.06%. Crude Oil and Natural Gas are trading flat in a range, Crude Oil is around $95.40 and Natural Gas is at $3.71. Traders are waiting for the release of US Crude Oil inventory report, scheduled at 8.00 PM.
The major Indian equity benchmarks started the day on a negative note with a gap down on June 12, 2013.This was on the back of international cues . US Stocks slid in a volatile session on Tuesday after Japan's central bank disappointed equity markets by holding its monetary policy steady. After the Bank of Japan left its key policy unchanged, investors are now waking up to the fact that there could be no additional stimulus. Japan is down almost two percent this morning. China, Hong Kong and Taiwan markets are shut today. Post opening, Indian benchmarks are seen recovering the losses as some short covering is taking place. Two important data points- index of industrial production (IIP) and consumer price index (CPI) will be released today. April IIP is seen at 2.7%. Capital goods are expected to do better. May CPI is seen lower at 8.9% versus 9.39% month on month. All these led the Sensex to trade near the level of 19091.25 i.e. down by 51.75 points & the Nifty to trade near the level of 5776.80 i.e. down by 12 points. The Midcap index and small cap index are both trading in red with the marginal loss of fourteen basis points of a percentage point and seven basis points of a percentage point respectively. On the sectoral front, the indices are trading mixed. The Oil & Gas Index is trading as the biggest gainer with the gain of more than three-fourth of a percentage point. On the other hand, Consumer Durables index is the biggest loser with the loss of four and three-fourth of a percentage point. This is followed by the FMCG Index which is trading with the loss of nearly one and quarter of a percentage point.
Further, the market breadth opened negative as five stocks were seen advancing against seven declining stocks.
