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Broad based selling hits markets
Tue, 15 Apr 11:30 am

After opening weak, the Indian Indices have slipped well into the red in the last two trading hours amid out performance among software stocks. Barring software and pharma, all other indices are in red. Banking and auto stocks are witnessing the highest selling pressure today.

The BSE Sensex is trading down 180 points and the NSE-Nifty is trading down 50 points. The BSE Mid Cap index is trading up 0.1% and the BSE Small Cap index is trading flat. The rupee is trading at 60.25 to the US dollar.

Most software stocks are trading higher today. Infosys and Wipro are among the stocks leading the gainers. As per a leading financial daily, India's fourth largest software firm HCL Technologies is looking to increase its focus on mobility related technologies. The company wants to divert more attention to new digital technologies that will drive growth in the future. Currently revenues from these technologies are very low but the company expects the mobility business to grow at a yearly rate of 40-50% over the next few years. The company's innovation lab in London is working on improving its services in this area. The key verticals that the company is looking at for its mobility solutions are financial services, retail and telecom. HCL Technologies is trading flat today.

Cement stocks are trading mixed today. India cements and Birla Corp. are leading the gainers. J.K. Lakshmi cement and Ultra Tech Cement are leading the losers. According to a leading business daily, Ambuja Cements will invest Rs 8 bn in 2014 from internal accruals to partly finance the ongoing capacity expansion projects. The company has 27.25 million tonnes per annum (mtpa) capacity currently. It is setting up three green field plants of 1.5 mtpa capacity each in Rajasthan, Madhya Pradesh and Uttar Pradesh. It is also adding 0.8 mtpa clinker capacity each in West Bengal and Rajasthan. The company stated that it is predicting an up-cycle for the cement industry as rural consumption is on a rising spree and infrastructure activity has also picked up after a dry spell of almost three years. Ambuja Cements is trading down by 0.9%.

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