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Indian markets trade flat
Fri, 20 Jun 01:30 pm

In post noon trade; the Indian indices are trading flat. Among the sectoral indices Energy stocks are leading the gains while Banking stocks are leading the losers.

The BSE Sensex is trading down 12 points and the NSE-Nifty is trading down 8 points. The BSE Mid Cap index is trading up 0.2%, while the BSE Small Cap index is trading up 0.1% today. The rupee is trading at 60.1 to the US dollar.

Software stocks are trading mixed today. While Infosys is leading the gainers; HCL Tech is trading weak. As per a leading financial daily, India's fourth largest software firm HCL Tech has won a contract extension from one of its largest pharma clients Prudue Pharma LP. The original Infrastructure Management contract was signed in 2010. HCL Tech will extend support to existing projects such as data center management and will now work on new projects like virtualization, back up transformation and future product rollouts. The financial details of the renewed agreement were not disclosed. HCL Tech is trading down 0.8% today.

Telecom stocks are trading higher with Idea Cellular and Tata Communications leading the gains. As per a leading financial daily, India's third largest telecom firm Idea Cellular has expanded its 3G offering with a phone available at under Rs 5,000. Idea has had good success with 3G phones and has already sold over 7 lakh devices from its earlier range of 3G smartphones. The company is hoping to upgrade its subscribers from 2G to 3G services with more affordable handsets. The device, which will be available in 11 circles, comes with a special offer for existing 3G users offering 3G data benefits of 1.6 GB and free Idea TV for three months. Idea is trading up 1.3% today.

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