After opening in the green, the Indian Indices are trading flat in the morning session, as the vote on account budget is being presented in Parliament. The buying interest is highest in banking stocks while the selling pressure is the highest in metal stocks.
The BSE Sensex is trading up 20 points and the NSE-Nifty is trading up 6 points. The BSE Mid Cap index is trading down 0.2% and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 61.97 to the US dollar.
Most software stocks are trading higher today. HCL Technologies and Infosys are among the stocks leading the gainers. As per a leading financial daily, India's second largest software firm, Infosys has announced an extension of a software contract with an existing client. Royal Philips of the Netherlands has extended its existing seven year outsourcing contract with the company's subsidiary, Infosys BPO. The contract has been extended for a five year period. The original contract was signed in July 2007. Under the agreement, Infosys BPO is providing finance, accounting and transactional procurement services to Royal Philips. The contract will now be extended up to June 2019. Europe contributed 25% of revenues for Infosys in 3QFY14. Infosys is trading up 0.4% today.
Energy stocks are trading on a mixed note. While ONGC and Oil India are trading higher, Gujarat Gas and Reliance Industries are trading weak. As per a leading business daily, state owned energy major ONGC expects to increase its natural gas output by about 53% to 100 mmscmd (million standard cubic meters per day) by 2017-18. The company currently produces natural gas about 65 mmscmd. The incremental output is expected to come from the company's new field off the west and east coasts. The company plans to use Reliance's infrastructure to bring its discovery off the east coast of KG basin to its production unit. It has also carried economic and technical feasibility studies for the same. And if the concept is successful it would consider it's another 9 gas discoveries in the KG basin that sit next to Reliance's block.