The Bombay Stock Exchange (BSE) has closed all trades this morning due to a network outage. Trading is expected to restart shortly on the BSE with the pre-open being conducted again. The National Stock Exchange (NSE) has remained open for trade. After opening in the green, the NSE Nifty is trading flat in the morning session. Broad based buying is seen across sectors led by IT and Pharma stocks.
The NSE-Nifty is trading up 12 points. Trading has been temporarily halted on the BSE and is expected to restart shortly. The rupee is trading at 59.7 to the US dollar.
Most Software stocks are trading higher today on the NSE. Tech Mahindra and Tata Consultancy Services (TCS) are leading the gainers. As per a leading financial daily, India's fifth largest software firm Tech Mahindra has entered into a new joint venture in Saudi Arabia. The company has signed joint venture agreement with Midad Holdings which is a part of Al Fozan, a prominent business group in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra and Midad will hold 51% and 49% stake respectively in the JV. The operational scope, tenure and financial details of the JV were not disclosed. The Middle East is an important geography for the company and it intends to build a big presence there over the next few years. Tech Mahindra is trading up 2% today.
Automobiles stocks are trading mixed on NSE today. While Eicher Motor is leading the gainers, Hero MotoCorp is facing the highest selling pressure. As per a leading business daily, India's largest two-wheeler manufacturer Hero MotoCorp reported its June 2014 sales numbers. The motorcycle major has sold 5.41 lakh units during the month which is a growth of 8% YoY (over June 2013). During 1QFY15 (April-June 2014), the company's sales grew by 10% YoY at 15.6 lakh units. Since the start of this fiscal, it has registered healthy sales volumes. Further the company has started production and dispatch at its 4th manufacturing plant in Rajasthan during the quarter. With this, the company's installed capacity increased by 7.5 lakh units to 7.65 m per annum. The company also believes that the recent extension in cut in excise duty will boost confidence among consumers spending on their discretionary sales and will lift sentiment of the industry as a whole. However, the below normal monsoon is likely to play spoil spot in the rural as well as urban markets. Hero MotoCorp is trading down 1.8% today.