Mumbai: The Sensex and Nifty on Friday hit a new high for the second consecutive day on hopes that further reforms by the government may attract more investment from foreign as well as domestic institutional investors. This is the fourth consecutive day of gains for the benchmark indices.

Investors also think that reforms will help narrow fiscal deficit.

Markets edged higher after the first hour of trade led by IT exporters after the US Federal Reserve Bank at its two-day meet which ended Wednesday remained confident that the economy is on a growth track

At 10:35AM, the 30-share Sensex was up 57 points at 27,155 and the 50-share Nifty was up 21 points at 8,111.

India’s largest information technology services provider, Tata Consultancy Services (TCS), has, for the first time, made it to The Boston Consulting Group(BCG)’s top 50 most innovative companies of 2014 across the globe. TCS is the only Indian company to have made it to the list.

This is not all. Bangalore-based Wipro is ranked fifth among the top 10 up and coming companies that have the potential to join the Top 50 Most Innovative Companies in the world.

New Delhi: Wipro Ltd, India’s third largest software services exporter, posted a lower-than-expected fiscal second-quarter profit after effecting wage increases in the preceding quarter and taking a hit from adverse exchange-rate fluctuations.

Net profit rose 8% to Rs.2,084.8 crore in the three months ended 30 September from a year ago. Revenue rose 8% to Rs.11,816 crore from a year earlier. In dollar terms, net income was $337 million on revenue of $1.9 billion.

Shares of Wipro were trading higher by 3% to Rs 614 on National Stock Exchange (NSE) in otherwise subdued market on reports that the government has approved the proposal of Wipro to set up SEZs in Andhra Pradesh. The benchmark CNX Nifty was down 0.06% at 7,960 points at 1025 hours.

Wipro Ltd has proposed to set up IT/ITES zone in Andhra Pradesh on an area of 1.22 hectares, the PTI report suggests.

For the first time, the 100 richest tycoons in India are all billionaires, with Mukesh Ambani topping the league, according to Forbes.

With a net worth of $23.6 billion, up $2.6 billion from past year, Reliance Industries chief Mukesh Ambani topped the list for an eighth consecutive year. Ambani was followed by Dilip Shanghvi, founder of Sun Pharmaceutical Industries, who got richer by $4.1 billion this year. Shanghvi is at number 2, after he displaced steel baron Lakshmi Mittal ($15.8 billion), who slipped to fifth place.

Benchmark share indices continued to trade weak as selling by foreign funds continued to weigh on market sentiment. Further, data suggests that Nifty roll-overs to the October series stood at 40% so far.

At 11.45 Hrs, Sensex was trading at 27,139.04 with a 67.77 points loss while NIfty shows a decline of 21.50 points at 8,124.80.

Markets continue to trade weak in the morning trades weighed by profit taking in Index heavyweights Infosys, HDFC twins and Pharma shares amid weak Asian cues.

At 10.12 AM, the 30-share Sensex is down 110 points at 26,981 and the 50-share Nifty has shed 41 points at 8,080.

In the broader markets, the BSE Mid-cap and Small-cap indices are outperforming the large counterparts and are up between 0.2-0.5%.

We maintain an outperformer rating on Wipro with a 12-month price target of Rs 670 ((17x FY16e EPS), implying an upside of more than 15%. Wipro's stock has underperformed the Sensex and CNX IT Index by ~24% and ~11% YTD, respectively, on the back of below-industry average growth. We believe strong deal win momentum will reflect in the improved revenue growth trajectory over FY15/ 16e as client-specific issues are behind.

Wipro Arabia Ltd will implement and rollout the plant maintenance and project system functionality of the SAP ERP application for Saudi Electricity Company (SEC).

Announcing the “strategic partnership” entered into by its subsidiary, Wipro Ltd on Monday said SEC is the largest power utility company in the Middle East. The contract is for SEC’s distribution business line in Saudi Arabia, where the company has around five million customers.

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