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Banks & Engg stocks lead the gains
Mon, 19 May 11:30 am

After opening firm, the Indian Indices are trading above the dotted line in the morning session. The buying interest is the highest in capital goods and banking stocks. The selling pressure is highest in software and pharma stocks.

The BSE Sensex is trading up 75 points and the NSE-Nifty is trading up 22 points. The BSE Mid Cap index is trading up 2.4%, while the BSE Small Cap index is trading up 3.5% today. The rupee is trading at 58.51 to the US dollar.

Most software stocks are trading lower today. While Wipro and Tata Consultancy Services (TCS) are leading the losers. India's fourth largest software firm HCL Technologies has won a multi-million dollar software contract from Novartis. The healthcare major has selected HCL Tech to provide global infrastructure management services (IMS). The contract is largely offshore in nature. HCL Tech will provide its proven remote IMS services to Novartis across 70 countries. It will provide significant cost savings to Novartis and enhance HCL Tech's domain knowledge in the Healthcare vertical. As per the March 2014 quarterly results, the Healthcare vertical contributed 10.4% of HCL Tech's revenue. HCL Tech is trading down 7% today.

Automobile stocks are trading mixed today. Escorts and Maruti Suzuki are leading the gainers; while Mahindra & Mahindra and Tata Motors are leading the losers. According to a leading business daily, Tata Motors is gearing up to reclaim its position amongst the top car makers. The company's board has approved a program that will launch hybrids, electric and other alternate fuel technologies. The company is streamlining its processes focusing on quality, design, faster product development and improvements in sales and after-sales experience. In FY14, the company's car sales in India were down 38.6% YoY to 1,07,187 units. Consequently, it dropped to 4th position from 3rd amongst the largest carmakers in India by volume in FY14. Tata Motors is trading flat today.

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Feb 19, 2018 (Close)