With index heavyweights witnessing selling pressure, Indian equity markets continued to slip and remained below the dotted line in the post noon trading session. Sectoral indices are trading mixed today with IT and oil and gas stocks leading the losses. Realty and PSU stocks witnessed maximum buying pressure.
IT stocks are trading weak today. Wipro and HCL Tech are the leading losers. According to a leading financial daily, Tata Consultancy Services (TCS), India's largest IT services provider, has announced that it has partnered with Startupbootcamp FinTech, an accelerator, to host Pitch Days in India. The events will be open to early-stage start-ups in the financial technology sector. Ten start-ups will be chosen. The shortlisted start-ups from the Pitch Day could be selected for mentorship from 100-plus entrepreneurs, investors, and partners. These will get access to top markets in London, the US, and the Asia-Pacific, and three months of free office space, €15,000 in cash per team, €450,000 in partner services, and exposure to 200 angel investors and venture capital funds. TCS had in 2012 set up a centre in the Silicon Valley. It functions as a research and development unit, which boosts the company's presence in the mobility space.
Majority of the Engineering stocks are trading in the green with BHEL and Jain Irrigation trading the strongest. According to a leading financial daily, Crompton Greaves Ltd has decided to vertically demerge its consumer products business into a separate entity from its earlier modification plan. Reportedly, the company's board members have decided to demerge 100% of consumer products such that the shareholding pattern of the resulting consumer company shall mirror the shareholding pattern of Crompton Greaves. The company has said the demerger would create value for all old shareholders and enable the management to focus and expand its business segments. It has been seeking investment from private-equity investors in the division.