Indian share markets opened on a positive note today tracking sharp gains in global equities after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes.

Asian markets also rose with the MSCI Asia ex-Japan index adding 1.6%.

The Hang Seng gained 1.6% while the Nikkei is up 1.1%.

In US stock markets, wall street indices closed sharply higher overnight on Wednesday and the dollar weakened, after Powell remarked it made sense to moderate the pace of rate hikes.

The Nasdaq was up 1.6% while the Dow Jones ended 2.2% higher.

Back home, Indian share markets opened higher following the trend on SGX Nifty.

The BSE Sensex is trading up by 319 points. Meanwhile, the NSE Nifty is trading higher by 85 points.

Tata Steel and Dr Reddy's Lab are among the top gainers today. HCL Tech, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.3% while the BSE Small Cap is trading higher by 0.7%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and It sector witnessing most of the buying.

FMCG and auto stocks, on the other hand, are trading in the red.

Shares of L&T and Raymond hit their 52-week highs today.

The rupee is trading at 81.1 against the US$.

Gold prices are trading up by 0.8% at Rs 52,931 per 10 grams.

Meanwhile, silver prices are trading by 2.23% at Rs 61,879 per kg.
 

TCS Bags Order to Develop UK's Rail Data

In the news from the IT sector, India's largest IT services firm, Tata Consultancy Services (TCS), on Wednesday, signed a contract with the United Kingdom-headquartered Rail Delivery Group.

The contract calls for developing the UK government's Rail Data Marketplace (RDM). The deal has a six-year term with an option for an extension.

The IT services major will use TCS Dexam to design, develop, implement and operate RDM. Furthermore, it will employ Google's Apigee platform to create and protect the APIs that partner applications will use to connect to the RDM.

This is expected to consolidate disparate train data sources into a single digital service to speed up innovation in the transportation industry and improve the passenger experience.

The RDM will also distribute real-time information to travelers around the UK.

TCS has created phenomenal wealth for its shareholders since its listing in 2004. Since then, it has always been among the most admired companies in India.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000%.

The company dominates the information technology industry in India. It's the second-largest IT company globally. It has set a goal of US$ 50 bn in revenue by 2030.

Manali Petrochemicals Acquires Penn Globe

Moving on to news from the oil & gas sector, Chennai-based Manali Petrochemicals (MPL) acquired UK-based Penn Globe for 21 million (m) pounds (Rs 2.5 bn). The transaction was authorized unanimously by the boards.

The acquisition will enable access to new technology and enhance MPL's current systems and applications. Additionally, will boost its research and development procedure while expanding its product line.

Penn Globe is a leading manufacturer of foam control agents and related chemical goods such as lubricants, surface coatings, release agents, and silicone emulsions.

With the acquisition, the business would be able to capture a larger portion of the lucrative premium client categories.
 

Temasek Acquires 1.1% Stake in Zomato

Singapore state investment firm Temasek, on Wednesday, picked up a 1.14% stake in Zomato for Rs 6.1 bn.

Temasek purchased 9.8 bn shares via its investment vehicle Camas Investments at Rs 62 per share in a bulk transaction that saw China's Alibaba Group sell up to 26.3 bn shares or 3.07% of its ownership.

Temasek's stake in Zomato rose to 4% following the agreement.

At the end of September 2022, the Singapore-based global investment corporation controlled 2.86% of Zomato through a different investment arm, MacRitchie Investments.

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