After opening on a mixed note, the Indian Indices are trading well above the dotted line in the morning. All sectoral indices are trading in the green. The buying interest is the highest in software and auto stocks.
The BSE-Sensex is trading up 64 points and the NSE-Nifty is trading up 18 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 60.32 to the US dollar.
Software stocks are trading lower today. Tata Consultancy Services (TCS) and Wipro Ltd are leading the losers. India's second largest software firm Infosys has achieved an important milestone in the last quarter of FY14. Infosys has crossed US 2 bn in revenue from Europe. Before Infosys only TCS had reached this scale of revenues from Europe which continues to struggle after the debt crisis engulfed the region. Europe now contributes nearly 25% of revenues for Infosys. The European manufacturing sector continues to pick up and this has helped Infosys win some large consulting and System Integration contracts from Germany and Switzerland. Infosys is trading flat today.
Engineering stocks are trading mixed today. EMCO and Voltas are leading the gainers. Engineers India and KSB Pumps are leading the losers. According to a leading business daily, as per market researcher GfKNielsen's latest research, Voltas has surpassed South Korean major, LG in sales of air conditioners through multi-brand outlets. The ACs made by Voltas had a 20% share in multi-brand outlets followed by LG at 18% and Samsung at 10.8% during the April 2013-February 2014 period. This is a very important milestone as this is the first time in almost 14 years that a local brand was able to surpass South Korean companies in any major segment of the highly competitive electronics market. However, LG is still the market leader with total sales in multi-brand outlets and its own exclusive stores. ACs form almost 90% of Voltas' Unitary Cooling Products business segment. This segment contributes approximately 40% to Voltas' total annual sales. Voltas is trading 2.6% up today.