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FMCG, Pharma stocks lead the gains
Wed, 12 Mar 11:30 am

After opening weak, the Indian indices are trading above the dotted line in the morning session. The buying interest is highest pharma and FMCG stocks. The selling pressure is highest in engineering and auto stocks.

The BSE-Sensex is trading up 60 points and the NSE-Nifty is trading up 10 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.3%. The rupee is trading at 61.11 to the US dollar.

Most software stocks are trading higher today. Tata Consultancy Services (TCS) and Wipro are among the stocks leading the gainers. India's second largest software firm, Infosys, has successfully completed the implementation of its Core Banking Solution (CBS), Finacle, for the General Post Office (GPO) at Nagpur. The post office will use the software to implement some banking functions that it is currently providing. This is the fourth GPO that has implemented Finacle CBS recently. Gondia, Itwari and Khamgaon GPOs have done the same earlier. India Post is looking to improve its domain knowledge in the banking space as it has applied for a banking license with the Reserve Bank of India (RBI). The software will also be used across ATM machines that the postal department will install at its locations. Infosys is trading flat today.

Telecom stocks are trading mixed today. While Idea Cellular is leading the gainers; Bharti Airtel is leading the losses. India's largest telecom service provider, Bharti Airtel, will hike charges for its fixed line broadband internet service from next month. As per a leading news daily, the hike could be as high as 40%. The company has informed that a hike in rates was necessary due to an increase in input costs. The company is currently in the process of doubling the speed that it provides under this service from 256 kbps to 512 kbps. As of December 2013, the company had about 1.39 million fixed line broadband subscribers. Bharti Airtel is trading down 0.7% today.

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