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Persistent selling mars Indian indices
Thu, 20 Feb Closing

The Indian equity markets languished in the red throughout today's trading session as persistent selling across index heavyweights took toll. The indices began the day's proceedings on a weak note and the pressure was piled up right through the end with there being no respite even in the final trading hour. While the BSE Sensex today closed lower by 186 points, the NSE-Nifty closed lower by 61 points. Both the BSE Mid Cap and the BSE Small Cap closed flat. Losses were largely seen in banking and metals stocks.

As regards global markets, Asian indices closed weak today while European indices have also opened in the red. The rupee was trading at Rs 62.28 to the dollar at the time of writing.

Most IT stocks closed weak today with the key losers being Infosys, TCS and Tech Mahindra. As per a leading business daily, IT major Tata Consultancy Services (TCS) has secured a global IT infrastructure management deal from Diageo, a leading premium drinks maker. As per terms of the deal, TCS will manage Diageo's global IT infrastructure, data centres and servers. It will also provide service desk support to employees. The financial details of the deal have not been divulged. It must be noted that in 3QFY14, TCS won 8 large deals. What is more, the management stated that the deal pipeline was healthy and more large deals would be signed in the coming two quarters. These contracts are to be executed over the next two years.

As per a leading business daily, Bharti Airtel's Nigeria unit has lost a legal battle against Econet Wireless. This means that the company will be required to shell out US$ 3 bn to Econet, although it does have the option to move to the Supreme Court. The suit was with respect to the disposal of some shares of Econet Wireless, wherein the court ruled that Econet was a bonafide stakeholder in Airtel Nigeria. The stock of Bharti Airtel closed lower by 2% today. Other telecom stocks such as MTNL and Reliance Communications also closed into the red.

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