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Indian markets trade firm
Thu, 2 Jan 11:30 am

After opening positively, the Indian Indices are trading well above the dotted line in the morning session. All sectoral indices are in the green. The buying interest is the highest in banking and pharma stocks.

The BSE-Sensex is trading up 151 points and the NSE-Nifty is trading up 44 points. The BSE Mid Cap index is trading up 0.8% and the BSE Small Cap index is trading up 0.9%. The rupee is trading at 61.83 to the US dollar.

Software stocks are trading higher today. Infosys and Tata Consultancy Services (TCS) are among the stocks leading the gainers. NIIT Technologies has announced a partnership with Sao Paolo International Airport in Brazil. The partnership will involve improving the cargo handling software system at the airport. NIIT Tech will create a single platform cargo handling system, which will handle all performance and operational needs of the cargo terminal. The platform will be web-based and will connect and streamline all external customer service-based processes at the airport. The financial details of the partnership were not disclosed. Latin America currently does not contribute significantly to NIIT Tech's revenues but it is an important market for the company in the future. NIIT Tech is trading up 1.7% today.

Telecom stocks are trading higher today. Tata Teleservices and Mahanagar Telephone Nigam Ltd (MTNL) are among the stocks leading the gainers. India's third largest Telecom firm Idea Cellular, has announced that it has received shareholders approval for raising its investment limit for foreign investors. The investment limit will now be raised to 49%. At present, the FII shareholding limit of the company is about 17.95%. The FII investment in the company has been rising steadily over the last few quarters. The company's board has already passed an enabling resolution to raise funds of up to Rs 30 bn through the Qualified Institutional Placement (QIP) route. At the end of September 2013, the promoters holding in the company stood at 45.85% while the FII holding stood at 17.3%. Idea Cellular is trading flat today.

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