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Banks and Engg stocks lead the gains
Wed, 9 Apr 11:30 am

After opening in the green, the Indian Indices have remained firm in the last two trading hours. Banking and Capital Goods Indices are leading the pack of gainers. The selling pressure is high in IT stocks.

The BSE Sensex is trading up 76 points and the NSE-Nifty is trading up 20 points. The BSE Mid Cap index is trading up 1% and the BSE Small Cap index is trading up 0.9%. The rupee is trading at 60.05 to the US dollar.

Software stocks are trading lower today. Tech Mahindra and HCL Technologies are among the stocks leading the losses. India's largest software firm Tata Consultancy Services (TCS) has announced a multi-year deal win. The company has won a large software contract from a European electric utility firm, GDF Suez. The contract involves upgrading, rationalizing and standardizing the customer relationship management (CRM) and billing systems of GDF Suez. This is the first large contract that TCS has won through its French subsidiary Alti S.A which it had acquired in July 2013. As per the December 2013 results of TCS, continental Europe contributes 11.6% of the company's revenues. The company did not disclose the financial details of the contract. TCS is trading down 1% today.

Auto stocks are trading mixed today. Maharashtra Scooters and Escorts Ltd are leading the gainers, while Bajaj Auto and Hero Motor Corp. are leading the losers. According to a leading business daily, Maruti Suzuki India has told its dealers to stop selling specific batches of Swift hatchbacks and Dzire compact sedans. The company has directed to stop its sales because of a loose-fitting fuel cap. According to the daily, the company is currently contemplating the recall of about 1 lakh of the second-generation models already sold to the customers. However, the company has still not confirmed the recall and stated that there is a defect in fuel cap and it was still investigating the matter. If Maruti recalls Dzire, it would be a third recall of its second largest selling car in the country. However, the cost of the replacing parts may be borne by the supplier. Maruti is trading 0.63% down today.

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