After opening firm, the Indian Indices are trading above the dotted line in the morning session. Apart from FMCG and energy stocks, all sectoral indices are trading in the green. The buying interest is highest metal and banking stocks.
The BSE Sensex is trading up 45 points and the NSE-Nifty is trading up 18 points. The BSE Mid Cap index is trading up 0.8% and the BSE Small Cap index is trading up 0.7%. The rupee is trading at 61.06 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 leading software firm, Tech Mahindra, has announced the inauguration of its third delivery centre in Germany. The onsite centre is in the city of Dusseldorf and will complement its other German centers with a dedicated staff of 50. Most of the employees have been hired locally. Tech Mahindra derives about 30% of its revenues from Europe has plans to significantly ramp up its delivery capacity in the continent. Tech Mahindra is trading up 0.2% today.
Most private banking stocks are trading mixed today. While IndusInd Bank and Federal Bank are trading firm, City Union Bank is trading lower. As per a leading business daily, the government backed Specified Undertaking of the Unit Trust of India (SUUTI) would sell its 9% stake in Axis Bank on a block deal today. As of December 2013, government holds 20.72% stake in the bank. The trust will sell the 9% stake representing about 42.2 m shares to institutional investors at a price of Rs 1,290 to Rs 1,357 per share. The selling price amounts to a discount of about 5% on yesterday's closing price. The deal would be valued between Rs 54.5 bn to Rs 57.4 bn. The move is as per the government's divestment plan target of Rs 400 bn during FY14. Axis Bank is trading higher by 1% today.