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Friday, August 17, 2018

MCX SUPPORT & RESISTANCE LEVEL (17 Aug 2018)

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Indian IT companies take a hit as foreign banks switch to in-house tech solutions

It isn’t that digitization of the financial sector has reached a saturation point. Large financial institutions are increasingly looking inwards to meet the demands of the marketplace.

Considered as a cash cow for India’s IT services companies for long, the banking and financial sector is gradually being weaned off the outsourcing model. The companies are now opting to build and maintain software in-house.

With emerging technologies, such as blockchain, which are touted to play a pivotal role in the financial sector, bankers are keen to keep their cards close to their chest and cut reliance on third parties for technology. India still continues to be the preferred destination for technology hubs though. Many foreign banks have set up global in-house centres (GIC) in cities such as Mumbai, Bengaluru, and Chennai.

The banking domain has been key to the fortunes of Indian IT companies, but the share of the finance vertical in their earnings has been on a downward spiral in the past couple of years.

The share of revenue derived from the banking sector by Tata Consultancy Services (TCS), the largest IT company in the country, declined by 2.3 percentage points, from 33.4 percent in FY17 to 31.1 percent in FY18. A similar trend was observed in the annual reports of peers. The segment’s share in the overall revenue of Infosys and Cognizant has slipped by 1.4 percentage points and 3 percentage points, respectively.

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Source:https://www.moneycontrol.com/news/business/companies/indian-it-companies-take-a-hit-as-foreign-banks-switch-to-in-house-tech-solutions-2850061.html

Opening Bell (17 Aug 2018)

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Thursday, August 16, 2018

Always Land on Profit in Share Market - TradeIndia Research

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Closing Bell (16 August 2018)

INTERNATIONAL MARKET UPDATE (16 AUG 2018)

Nifty gives up 11,400, Sensex opens over 150 points lower; banks drag

Selling is visible among major sectoral indices, with maximum cuts seen in banks as well as metals. A weaker rupee is boosting stocks in the tech space.

Coming back after a trading holiday on Wednesday, equity benchmarks have resumed the truncated week on a negative note, with the Nifty giving up 11,400 in the opening tick. The Sensex is lower by over 150 points.

At 09:15 hrs IST, the Sensex is trading lower by 183.89 points or 0.49% at 37668.11, while the Nifty is down 56.80 points or 0.50% at 11378.30. The market breadth is narrow as 326 shares advanced, against a decline of 326 shares, while 69 shares are unchanged.

Selling is visible among major sectoral indices, with maximum cuts seen in banks as well as metals. A weaker rupee is boosting stocks in the tech space, while pharmaceuticals are trading around half a percent higher.

Among stocks, Kotak Mahindra Bank is down 2 percent following a regulatory issue, while Sun Pharma is up around 2 percent on the back of good results for the June quarter.

Source: https://www.moneycontrol.com/news/business/markets/market-live-nifty-gives-up-11400-sensex-opens-over-150-points-lower-banks-drag-2847351.html

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