After opening in the green, the Indian Indices have traded flat in the last two trading hours. The Metal and Banking indices are leading the gains; while selling is witnessed in IT stocks.
The BSE Sensex is trading up 20 points and the NSE-Nifty is trading up 8 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 60.30 to the US dollar.
Most software stocks are trading lower today. Infosys and Tata Consultancy Services (TCS) are among the stocks leading the losers. As per a leading financial daily, India's third largest software firm Wipro has received approval from the stock exchanges for merging two of its subsidiaries with itself. The subsidiaries in question are Wipro Energy IT services and Wipro Technologies Services. The approval is valid for a period of six months during which the company can get the high court's approval for the merger. The approval will require Wipro to display the 'fairness option' which it had submitted to SEBI on its website. The company will also have to disclose its shareholding pattern before and after the merger. The two companies are wholly owned subsidiaries. Wipro is trading down 0.8% today.
Automobile stocks are trading mixed today. Maruti Suzuki and Tata Motors are leading the gainers. TVS Motors and Ashok Leyland are leading the losers. According to a leading business daily, Tata Motors has cancelled its plan to launch the much awaited diesel variant of its micro car Nano. The company feels that customer preference has shifted to petrol cars with a constant rise in diesel prices. Also, the technology associated with the diesel variant is expensive. Thus, it is now commercially unviable for the Indian market. The Nano's current price is between Rs 1.41 lakh and Rs 2.58 lakh. However, the sticker price for the diesel variant which was to be powered by an 800cc DOHC two-cylinder engine may have been about Rs 3 lakh. This would have made its price on par with bigger cars like the Hyundai EON or the Chevrolet Spark. Tata Motors is trading 1.3% up today.