After opening firm, the Indian Indices are trading flat in the morning session amid outperformance among mid and small cap stocks. The buying interest is the highest in software and metal stocks. The selling pressure is the highest in automobile stocks.
The BSE Sensex is trading up 10 points and the NSE-Nifty is trading up 6 points. The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 1%. The rupee is trading at 62.46 to the US dollar.
Most software stocks are trading higher today. Tech Mahindra and Tata Consultancy Services (TCS) are among the stocks leading the gainers. According to a leading financial daily, India's fifth largest software firm Tech Mahindra has completed a major 3 year long project. The firm has completed a SAP contract for the international publishing house Cambridge University Press. Tech Mahindra had implemented the financial and procurement model of SAP one year ago for the client. The project has now drawn to a close as the sales and development model has also been implemented. Tech Mahindra has been developing its capabilities in SAP for many years and now has about 170 SAP clients and a dedicated team of about 4,000 employees deployed for the same. The financial details about the deal were not disclosed. Tech Mahindra is trading up 3% today.
Most telecom stocks are trading higher today. Reliance Communications and Idea Cellular are among the stocks leading the gainers. As per a leading business daily, India's largest telecom company Bharti Airtel might regret its decision to tie up with Reliance Jio for an infrastructure sharing agreement. The two companies had tied up in an arm's length revenue sharing deal which would allow Reliance Jio to use Bharti's tower and cable assets. The worry that Bharti has is that Reliance could use these assets to introduce voice services in the same circles as Bharti after the 2G spectrum auction, if it were to acquire pan-India spectrum. Reliance Jio already has a pan-India 4G spectrum that it acquired in 2011. Bharti Airtel is trading up 1.2%.