After opening in the green; the Indian Indices have remained above the dotted line in the last two hours of the trading session. With the exception of IT stocks, most of the sectoral indices are trading in the green.
The BSE Sensex is trading up 65 points and the NSE-Nifty is trading up 12 points. The BSE Mid Cap index is trading up 0.5%, while the BSE Small Cap index is trading up 0.4% today. The rupee is trading at 59.3 to the US dollar.
Most Software stocks are trading lower today. HCL Technologies and Tech Mahindra are leading the losers. According to a leading business daily; India's fifth largest software firm Tech Mahindra, has announced a global strategic alliance. The company has tied up with HPS, the market leader in providing software solutions to the global cards and payments industry. HPS' flagship PowerCARD payments technology will now be available to Tech Mahindra's customers worldwide. The company will help to market as well as improve the technology that HPS will provide. Tech Mahindra is trading down 0.3% today.
Private banking stocks are trading mixed today. While HDFC Bank is leading the gainers, Axis Bank is trading lower. As per a leading business daily, ICICI Bank will reduce its staff strength by about 1,200 across the board from general managers down to junior officers. The retrenchment will be staggered over three to six months. The move is intended to improve efficiency at the bank. The bank is one of the largest employers in the financial services industry. It employed about 72,200 employees as of FY14. It may be noted that the bank's return ratios are lower than that of its rival HDFC Bank that has enabled the latter to command higher valuations among investors than the former. The stock of ICICI Bank is trading lower by 1.1% today.