After opening firm, the Indian Indices are trading flat in the morning session. Apart from software and FMCG stocks, all sectoral indices are trading in the green. The buying interest is highest metal and auto stocks.
The BSE Sensex is trading up 30 points and the NSE-Nifty is trading up 5 points. The BSE Mid Cap index is trading up 0.8% and the BSE Small Cap index is trading up 1%. The rupee is trading at 59.91 to the US dollar.
Most software stocks are trading lower today. Tech Mahindra and Wipro are among the stocks leading the losses. India's second largest software firm, Infosys, has announced the dissolution of its top decision making body, the executive council. In January, the company had said that it would wind up the executive council on April 1st. In a filing to the securities exchange commission (SEC), the company has now confirmed this. Post this; the company will have only nine executive officers, which include the two co-presidents, the CEO and the Executive Chairman, Narayana Murthy. Infosys is trading down 0.6% today.
Most telecom stocks are trading higher today. Reliance Communications and Mahanagar Telephone Nigam Ltd (MTNL) are leading the gainers. As per a leading business daily, the country's largest telecom firm Bharti Airtel has announced that one of its promoter group firms, Bharti Telecom, has increased its stake in the company. As on the quarter ended December 2013, Bharti Telecom held 43.57% stake in Bharti Airtel while the total promoter group holding was 65.23%. Through transactions on the BSE and NSE, Bharti Telecom has purchased 5.714 m shares of Bharti Airtel for a consideration of nearly Rs 1.72 bn. Its stake in the company now stands at 43.72%.Bharti Airtel is trading higher by 2.3% today.