The BSE-Sensex is trading up 5 points and the NSE-Nifty is trading up 3 points. The BSE Mid Cap index is trading down 0.1% and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 61.55 to the US dollar.
Software stocks are trading mixed today. HCL Tech and Infosys are among the stocks leading the gainers; while Tata Consultancy Services (TCS) and Tech Mahindra are among the stocks leading the losses. India's fourth largest software firm HCL Technologies has announced its results for the second quarter of FY14 (the company has a June year ending). Sales have increased by 2.8% QoQ while the rise in the same in constant currency terms was 3%. The company suffered a forex loss of 1,580 m during the quarter. Despite this, the net profits were up by 5.6% QoQ due to lower depreciation charges. The net margin improved to 18.3% in the quarter compared to 17.8% in the previous quarter. HCL Tech is trading up 2% today.
Most telecom are currently trading lower today. While Idea Cellular and Reliance Communications are among the stocks leading the losses. India's third largest telecom firm Idea Cellular is looking to launch next generation 4G services in the next 2 years. At the same time the company wants to expand its 3G services network across the nation as well. The management has told a leading financial news network that if spectrum were to be available at the right price, in the upcoming 2G auctions, then the company would roll out services faster in anticipation of higher data usage in the coming months. The company is also looking to renew all its licenses as they expire over the next two years. Idea Cellular is trading down 5% today.