Stock markets in India are presently trading marginally higher. Sectoral indices are trading on a mixed note with stocks in the metal sector and banking sector witnessing maximum buying interest.
The BSE Sensex is trading up 89 points (up 0.3%) and the NSE Nifty is trading up 22 points (up 0.2%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading flat. The rupee is trading at 64.93 to the US$.
In the news from the IT sector, Wipro share price is witnessing selling pressure today. Most of the losses were seen after the company reported its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings.
At the time of writing, Wipro share price was trading lower by 0.7%.
In other news, as per a leading financial daily, Prime Minister Narendra Modi yesterday gave a 100-day deadline to the heads of central public sector enterprises (CPSEs) to come out with a roadmap with measurable targets for strengthening state-owned companies and promoting development activities.
Modi also suggested that their CSR spend should be focused largely on one specific theme each year.
He also expressed concern over little procurement by CPSEs from micro, small and medium enterprises (MSMEs) and prodded them to buy more from the small units and also ensure timely payments.As per an article in the Economic Times, India has been the fourth worst performing emerging Asian market since the trade war-related sell-off began in February this year.How this pans out remains to be seen. We will keep you updated on all the developments from this space.
While the benchmark indices in India lost around 5.8% since February, markets in China, Philippines and Hong Kong have declined 8.1-9%.
Note that India was among the three emerging markets in 2017, which gained more than 35% in dollar terms. The other two were Hungary and South Korea.