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Metal stocks weigh down markets
Wed, 14 Jan 11:30 am

After opening flat, the Indian Indices have not found a clear direction in the morning session and continue to hover around the dotted line. Auto and IT stocks are witnessing buying interest while metal and FMCG stocks are trading lower.

The BSE-Sensex is trading down 46 points. The NSE-Nifty is trading down 10 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 62.14 to the US dollar.

Software stocks are trading mixed today. While Tech Mahindra is leading the gainers; HCL Technologies is leading the losers. India's largest IT firm Tata Consultancy Services (TCS), has issued s clarification regarding news reports of mass layoffs at the firm. The company has stated that it has not initiated and wasn't planning to initiate "large-scale exits" for any section of its staff, in any part of the organisation. It has given a break-up of the numbers for involuntary attrition i.e. layoffs for the last three years. For FY15, FY14 and FY13, these numbers were 2574, 2,203 and 2,132. The company has stated that figure for the current year is just 0.8% of its total employee base. TCS is trading up 0.6% today.

Auto stocks are trading mixed. The gainers are being led by Bajaj Auto and Tube Investments. Tata Motors is currently amongst the list of gainers. As per a leading business daily, the company has reported an 8% increase in global sales, including that of its subsidiary Jaguar Land Rover (JLR). Consequently, it's volumes for December 2014 stood at 85,742 units. The company had sold 79,220 units in December 2013. In the passenger vehicles category, the company's global sales during the month of December were at 55,145 units as against 49,721 units in December 2013, an increase of 11%.

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