After opening firm, the Indian Indices are trading well above the dotted line in the morning session. Apart from software stocks, all sectoral indices are trading in the green. The buying interest is highest energy and banking stocks.
The BSE Sensex is trading up 140 points and the NSE-Nifty is trading up 45 points. The BSE Mid Cap index is trading up 1.1% and the BSE Small Cap index is trading up 0.8%. The rupee is trading at 60.93 to the US dollar.
Most software stocks are trading lower today. Tata Consultancy Services (TCS) and Infosys are among the stocks leading the losses. India's second largest software firm, Infosys, has been selected as a strategic partner by global automobile giant Volvo. Under the partnership, Infosys will provide application development services to Volvo's global operations. It will involve Infosys, enhancing the innovation capability of, as well as reducing operating costs for the auto firm. Infosys will cover domains like marketing and sales, customer service, manufacturing, product development, and several corporate functions. The delivery will be largely offshore in nature. The financial details of the partnership were not disclosed by Infosys. Volvo has been a client of Infosys since 2010. Infosys is trading down 0.4% today.
Most telecom stocks are trading higher today. Reliance Communications and Tata Teleservices are among the stocks leading the gainers. As per a leading business daily, India's newest telecom service provider, Reliance Jio Infocomm Ltd (RJIL), has announced a tie up with Viom networks, to lease telecom towers. RJIL is planning to launch voice and data services across India later this year. For this purpose it has already tied up with Reliance Communications, Bharti Airtel and Bharti Infratel for tower sharing agreements. Viom has about 42,000 thousand mobile phone towers pan-India. Viom networks is a joint venture between SREI Infrastructure and Tata Teleservices. No financial details were disclosed about this agreement.