After opening weak, the Indian indices are trading flat in the morning session amid outperformance among midcap and smallcap stocks. The buying interest is highest in metal and energy stocks while the selling pressure is the highest in banking and FMCG stocks.
The BSE Sensex is trading down 15 points and the NSE-Nifty is trading down 7 points. The BSE Mid Cap index is trading up 0.1% and the BSE Small Cap index is trading up 0.3%. The rupee is trading at 62.18 to the US dollar.
Software stocks are trading mixed today. While Infosys and HCL Technologies are among the stocks leading the gainers; Tata Consultancy Services (TCS) and Wipro are among the stocks leading the losers. Software products firm Persistent Systems has announced a partnership with Dell. The tie-up is for developing a comprehensive disaster recovery software solution. The new solution will enable Dell's users to leverage a cloud based disaster recovery platform for round the clock services. Persistent has deployed its self developed solution, rCloud, to enable Dell's customers to scale up their existing software platforms without having to replace it at end of its life cycle. Persistent Systems is trading down 0.4% today.
Most automobile stocks are trading in the red. Ashok Leyland and TVS are leading among the packs of losers. As per a leading business daily, Tata Motor's owned marquee brands Jaguar Land Rover (JLR) has launched a significant recruitment drive to recruit 1,400 employees at its new engine manufacturing centre based in UK. The luxury car maker will hire employees in different phases. First phase would include 600 employees for manufacturing roles over next 4 years. The new team would be responsible for the assembly and operation, supporting tool changes, material line, and so on. JLR plans to invest more than 500 million pounds on its new manufacturing facility. It may be noted that Tata Motors decent results during the 2QFY14 is mostly driven by JLR performance. And the company plans to focus on new products and technologies. Tata Motors is currently trading down 0.7%.