Share markets in India are presently trading on a strong note.
The BSE Sensex is trading up by 302 points, up 0.6%, at 52,786 levels.
Meanwhile, the NSE Nifty is trading up by 87 points.
Hindalco and L&T are among the top gainers today. BPCL and HDFC Life are among the top losers today.
The BSE Mid Cap index is trading up by 0.2%.
The BSE Small Cap index is trading up by 0.8%.
On the sectoral front, barring the power sector, all sectors are trading in green with stocks from the real estate sector, witnessing most of the buying interest.
US stock futures are trading lower today, indicating a negative opening for Wall Street.
Nasdaq Futures are trading down by 23 points (down 0.2%) while Dow Futures are trading down by 66 points (down 0.2%).
The rupee is trading at 74.38 against the US$.
Gold prices are trading up by 0.1% at Rs 47,335 per 10 grams.
In global markets, gold prices were slightly lower, weighed down by a stronger US dollar. Spot gold was down 0.1% to US$ 1,785.4 per ounce, easing off a two-week high in the previous session.
Amid weak global cues, gold struggled in Indian markets. On MCX, gold futures were trading flat at Rs 47,309 per 10 grams in early trade.
Moving on to stock-specific news...
Among the buzzing stocks, today is ONGC.
Oil and Natural Gas Corporation (ONGC) said that it has earmarked Rs 300 bn towards capital expenditure for the financial year 2022.
The company estimates to spend Rs 155 bn on major turnkey projects, Rs 136 bn on services, and Rs 22.5 bn on material procurement during the year.
It also aims for an output of 22.6 m tonnes of crude oil and 24.9 bn cubic meters of gas.
To aid the domestic oil and gas industry, ONGC's management has reiterated its commitment to local procurement at a business partner meet focused on strengthening domestic supply chains.
ONGC's business partners sought relaxation in bid evaluation criteria, such as financial criteria of contracted partners, the experience of group companies to be considered for qualification, certification criteria of vessels, and realistic completion schedules for turnkey projects.
O P Singh, Director (Technology & Field Services) and Director In-charge of Materials Management, said that the focus on promoting localization initiatives were under ONGC's push for 'Aatmanirbhar Bharat'.
The move for promoting local ventures is a key driver in this reform exercise by ONGC, whose average annual purchases are in excess of Rs 300 bn, he added.
We will keep you posted on more updates from this space. Stay tuned.
At the time of writing, ONGC shares were trading up by 1.1% on the BSE.
Speaking of ONGC, note that shares of the company have rallied nearly 50% in the last year on the back of surging global crude oil prices.
Fortunes of the company, which produces two-thirds of all crude oil in the country, move in line with global crude oil prices, as they affect its average realization from every barrel of the oil sold.
If experts are to be believed, there is more room for an upside as global economies emerge from lockdowns triggered by the COVID-19 pandemic.
According to a note by Goldman Sachs, global markets are currently underestimating the oil demand.
The research and broking firm expects Brent crude oil prices to hit US$ 80 per barrel going ahead.
Moving on to news from the software sector...
HCL Tech Inks Multi-Year Agreement with Fiskars Group
HCL Technologies (HCL) has announced a multi-year agreement with the Fiskars Group, to accelerate the group's digital journey through applications and infrastructure modernization.
As a partner, HCL will enable Fiskars to standardize and harmonize its IT and business processes, drive operating model transformation, and increase overall digital maturity.
Pankaj Tagra, Corporate Vice President and Nordic and DACH Head, HCL Technologies, said -
- We are excited to work with Fiskars Group to help them with their digital transformation initiatives and achieve a coherent and digitally native consumer journey.
HCL will leverage its experience and expertise in the consumer goods industry to enable a truly seamless experience for Fiskars.
Our partnership with Fiskars Group to provide end-to-end IT services is a fantastic endorsement of HCL's digital transformational capabilities, while further strengthening our presence in Finland and the Nordics.
HCL Technologies offers its services and products through three business units - IT and Business Services (ITBS), Engineering and R&D Services (ERS), and Products & Platforms (P&P).
It has also recently announced the appointment of Adolfo Calviño Asensio as the country head of Spain and Portugal.
With this appointment, the technology giant aims to accelerate business growth in the region across all key industry verticals.
Since the company aims to expand its geographic footprint, this key appointment is the first of several strategic investments HCL plans to make in Iberia.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
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