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Indian markets trade weak
Fri, 4 Apr 11:30 am

After opening weak, the Indian Indices are trading below the dotted line in the morning session. The buying interest is highest in banking and metal stocks while the selling pressure is highest energy and engineering stocks.

The BSE Sensex is trading down 80 points and the NSE-Nifty is trading down 25 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 60.32 to the US dollar.

Most software stocks are trading higher today. Wipro and Tech Mahindra are among the stocks leading the gainers. India's third largest software firm Wipro has announced the creation of a new business division that will cater to digital technologies like cloud computing. The company has also merged its existing Analytics and Information Management (AIM) division with the new service line. This has been done to enable the company address its customer's needs and demands more effectively. This change has been accompanied by a reshuffle in senior management positions as well. This will be the second major senior management reshuffle in the last six months at Wipro. The changes are effective as on 1st April 2014. Wipro is trading higher by 0.5% today.

Most telecom stocks are trading higher today. Mahanagar Telephone Nigam Ltd (MTNL) and Tata Teleservices are among the stocks leading the gainers. As per a leading news daily, India's largest telecom firm Bharti Airtel is ramping up its presence in the 4G space as it expects stiff competition from Reliance Jio. The company will deploy an additional 5,000 telecom towers in its 4G circles. Currently it is the only 4G player in the country but firms like Reliance Jio, MTS, Vodafone and Idea Cellular, all have plans to launch services as well. Reliance Jio is expected to launch 4G services by September this year. The additional towers will include those of Indus Towers and Viom Network along with its own towers. Bharti Airtel is trading lower by 1.4% today.

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