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Indian markets trade lower
Thu, 29 May 11:30 am

After opening weak; the Indian indices have remained below the dotted line in the last two hours of the trading session. metal and software stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading down 154 points and the NSE-Nifty is trading down 40 points. The BSE Mid Cap index is trading up 0.3%, while the BSE Small Cap index is trading flat today. The rupee is trading at 58.85 to the US dollar.

Most telecom stocks are trading lower today. Reliance Communications and Tata Teleservices are leading the losers. As per a feature in a leading business daily; India's lading telecom firm Bharti Airtel is changing its approach towards outsourcing critical functions. The company is now looking to perform many network and software functions in house. This marks a significant change that the company has been undergoing over the last few quarters. Bharti's business has now reached and maturity that enables it to hire talent in house for many of the processes that the company used to outsource. This will give the company more control over its network operations and will also reduce operating costs. Bharti Airtel is trading up 1.4% today.

Most software stocks are trading lower today. Infosys and Wipro are leading the losers. As per a leading financial daily, India's second largest software firm Infosys has seen yet another exit from its senior management. Infosys co-president and board member B.G Srinivas has resigned from the company. This is the 10th exit that the senior management of Infosys has seen in the last one year. B.G Srinivas was tipped to be the frontrunner for the post of CEO. Infosys has completed its internal evaluation of candidates for the post of CEO two days ago and it appears that the individual in question may not have made the cut. It is now becoming increasingly likely that that the company may bring in a new CEO from outside the firm. Infosys is trading down 6% today.

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