After opening firm, the Indian indices are trading well above the dotted line in the morning session. The buying interest is highest engineering and banking stocks. Apart from software and pharma, all sectoral indices are trading in the green.
The BSE-Sensex is trading up 310 points and the NSE-Nifty is trading up 94 points. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 61.01 to the US dollar.
Most software stocks are trading lower today. Tech Mahindra and Wipro are among the stocks leading the losses. India's leading software firm, Tech Mahindra has announced a tie up with the global semiconductor major Texas Instruments (TI). In this partnership, Tech Mahindra will set up a lab in Bangalore, along with support from TI's semiconductor platform, to develop the latest technologies related to 'Internet of Things' (IoT). IoT refers to the communication between electronic devices via the internet. This lab is expected to boost Tech Mahindra's long term capability in the evolving digital technologies space. Tech Mahindra is trading down 4% today.
Telecom stocks are trading mixed today. While Bharti Airtel is leading the gainers; Tata Communications is leading the losses. According to news reports, India's third biggest telecom firm, Idea cellular, could be considering buying Aircel Cellular. The Malaysia's Maxis is reportedly looking to sell its entire stake in the company. Idea has 130 m subscribers in India while Aircel has 67 m. Aircel also holds the 2300 MHz 4G spectrum in 5 circles. However the company is saddled with debt of about Rs 230 bn most of which has been restructured. The talks between the two parties are in the initial stages. Idea cellular is trading up 3% today.