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Indian markets trade flat
Thu, 17 Jul 11:30 am

After opening in the green, the Indian indices are trading flat during morning session, whilst the mid and small cap stocks are in much demand today. The buying interest is the highest in Engineering and Metal stocks while the maximum selling pressure is witnessed in Energy stocks.

The BSE-Sensex is trading up 11 points. The NSE-Nifty is trading up 5 points. The BSE Mid Cap index is trading up 0.8% and the BSE Small Cap index is trading up 0.9%. The rupee is trading at 60.16 to the US dollar.

Most Software stocks are trading higher today. Infosys and Tech Mahindra are leading the gainers. As per a leading financial daily, India's fifth largest software firm Tech Mahindra, has signed a software services deal with a US based university. The deal with Wichita State University (WSU) will help Tech Mahindra improve its domain knowledge in the aerospace segment as WSU has the largest civilian academic aviation R&D institution in the US. The Indian IT firm will work with the institution in the areas of aerospace engineering, certification, IT and automotive testing. The financial details of the transaction were not disclosed. Tech Mahindra is trading up 1.5% today.

Majority of Banking (Pvt) stocks are trading in green with Lakshmi Vilas bank and Kotak Mahindra bank leading the gainers. As per the financial daily, HDFC and HDFC bank might merge into one entity as the RBI is looking to liberalize norms for infrastructure lending. Both the financial institutions were looking to merge since more than a decade now. However, tough regulations had been barrier to their merger so far. Reportedly, as the new regulations have scraped the reserve requirement for infrastructure funding and affordable home loans through long-term bonds, this seems to have paved the way for the merger of the entities. Further, this issue was discussed by the top executives of both the organization in past but there was no final proposal stated. In fact the issue in the past has also been dropped due to high costs of the merger. While the things are still at a nascent stage, one should wait for more developments on this front.

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Mar 21, 2018 (Close)