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Indian stock markets slide lower
Tue, 5 May 01:30 pm

After opening in the red the Indian markets traded around the dotted line before slipping into the red again in the afternoon. The selling pressure is the highest in consumer durables and banking stocks.

The BSE-Sensex is down by 75 points and NSE-Nifty is down by 26 points. BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.1%. The rupee is trading at 63.42 to the US dollar.

Telecom stocks are trading mixed today. While Reliance Communications is leading the gainers; Bharti Airtel is leading the losers. According to a leading financial daily, the telecom regulator TRAI has come out with regulations for Virtual Network Operators (VNOs). VNOs provide telecom services without owning any spectrum. This is a positive step as far as consumers are concerned but it could increase competition for incumbents. VNOs typically buy bulk talk time and bandwidth from telcos and sell it to consumers.

Software stocks are trading mixed today. While Tata Consultancy Services (TCS) is leading the gainers; Infosys is leading the losers. According to a leading financial daily, Infosys has sought shareholder's approval to transfer its Finacle and Edge services business into a separate subsidiary, Edgeverve Systems for a total consideration of up to Rs 3.62 bn. This is in line with the company's strategy to separate its software products business from its core services business. Tentatively, the separation would be effective 01 August 2015. The move will enable Infosys to sell its products under one roof and cater to its customers in a more focused manner.

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