market wrap

The 30-share benchmark index,Sensex,ended the last week with a gain of 1.54 per cent at 18,143 points as compared with the last weeks closing at 17,868 points.

During the last week of July,indices were in red. However,however if we look in totality,it ended in range with no major surprises. The results of some of the majors like Reliance,ONGC,Maruti,Hero Honda and Wipro failed to spark the sentiments in India. Most of the results remain within range of expectations however there were a few exceptions in banking,with a lot of positive surprises. Overall the result season has gone as mixed bag leaving indices to struggle in a range, said KN Rahaman,deputy research head,Way2Wealth Securities.

Expects expect Sensex earnings to grow by 20-25 per cent for FY2010-11. Growth figures for the past few quarters looked extremely impressive,one of the reasons being the low base for corresponding quarters in the previous year. From here on the benefits of a low base would not be available and that might give an impression that growth has moderated. But overall there has been steady recovery and strengthening in various sectors. Banking and IT especially in India has come out with flying colours. We also believe in the consumption story and hence we are positive on sectors like FMCG,Consumer durables,Auto etc. In short we are optimistic on the market, added Rahaman.

During the week capital goods index was down by 4.82 per cent,oil & gas registered a loss of 3.49 per cent and realty closed at 3.23 down compared with its last weeks closing. All these three sectors were the worst performer mainly on account of dismal numbers from the frontlines in the sector. L&T,Siemens,ONGC,Reliance,HPCL,DLF,Unitech failed to show positive sparks. On the other hand banking has been the outperformer with most of the banks coming out with impressive set of numbers like HDFC,BOI,Allahabad bank,OBC,ICICI etc. Sectors like FMCG,Consumer durables and IT has also managed positive closing, said Rahaman.

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities2 hr ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

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