The Indian Indices have gained strength on the back of broad based buying in the post noon session. All sectoral indices are trading in the green. Banking and auto stocks are leading the gainers.
The BSE-Sensex is trading up 284 points. The NSE-Nifty is trading up 97 points. The BSE Mid Cap index is trading up 1.7% and the BSE Small Cap index is trading up 1.8%. The rupee is trading at 62.83 to the US dollar.
Most software stocks are trading higher today. Tech Mahindra and HCL Technologies are leading the gainers. As per a leading financial daily, India's second largest software firm Infosys, has expressed concern over its proposed software park in West Bengal. The site is proposed to be set up at Rajahat in a special economic zone (SEZ). However the state government is yet to send the proposal to the central government for approval. Infosys has paid Rs 750 m for the plot but has been unable to move ahead. The site was expected to provide employment for up to 15,000 people. Infosys is trading down 0.2% today.
Most telecom stocks are trading higher today. Bharti Airtel and Idea Cellular are leading the gainers. As per a leading financial daily, the government will notify the spectrum defense band for the Indian armed forces within the next 45 days. This is crucial for the sector as it will enable the government to swap 15 MHz of 3G spectrum with the defense forces and auction it for commercial use. However, it must be noted that this quantum of spectrum will not be available for this round of spectrum auctions scheduled for next month.