After opening in deep in the red, the Indian Indices have remained well below the dotted line in the morning session. Banking and auto stocks are leading the losers.
The BSE-Sensex is trading down 570 points. The NSE-Nifty is trading down 165 points. The BSE Mid Cap index is trading down 1.6% and the BSE Small Cap index is trading down 1.7%. The rupee is trading at 63.38 to the US dollar.
Most software stocks are trading lower today. Infosys and Tata Consultancy Services (TCS) are leading the losers. As per a leading financial daily, IT trade body NASSCOM, is looking into the recent spate of layoffs at India's largest software firm TCS. Although NASSCOM cannot initiate a formal inquiry, it is in touch with the TCS management about the same. TCS has maintained that the number of senior people affected is about 3,000 and that the exercise was business as usual. However, the issue refuses to die down with some claims being made that the figure is close to 25,000. There have been protests is some cities against the company regarding the same and calls are being made in favour of unionization. TCS is trading down 2.1% today.
Most fertilizer stocks are trading lower today. Nagarjuna Fertilisers is leading the list of losers. As per a leading financial daily, Deepak Fertilisers and Petrochemicals is likely to have given up its hostile acquisition bid for UB Group promoted company Mangalore Chemicals and Fertilizers (MCFL). This comes on the back of the company recently selling 2.6 m shares in Mangalore Chemicals. The company has sold a total of 2.2% of its stake in Mangalore Chemicals during the month of December. With this, its stake in the latter has now dropped to 29.05%.