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Indian markets skid southwards
Tue, 11 Aug 11:30 am

After opening the day on a flat note, the Indian Indices have added to the losses and are currently trading in the red. Sectoral indices are trading mixed with stocks from the aluminum and steel sectors leading the losses. However software stocks are trading firm.

The BSE-Sensex is trading down by 63 points (0.2%) and the NSE-Nifty is trading down by 23 points (0.3%). The BSE Mid Cap index and the BSE Small Cap index are trading down by 0.3% and 0.4% respectively. At the time of writing, the rupee stood at 64.22 to the US dollar.

Stocks in the automobile sector are trading on a mixed note with Force Motors leading the gains and Tata Motors DVR leading the losses. As per an article in Economic Times, cars sales have witnessed a rise of 17.5% YoY during the month of July. At 1.62 lakh units , this was the highest level in three months. Also, this marks the ninth consecutive month of domestic sales growth for passenger cars. However, the sales of motorcycles and light commercial vehicles (LCVs), which primarily depend on rural markets, witnessed a fall of 6.4% and 4.1% respectively.

As per a leading financial daily, Tata Consultancy Services (TCS), the consulting and business solutions organization, has unveiled a new version of TCS BaNCS for Islamic banking. This will be offering comprehensive support for Shariah-compliant deposits and financing products for Islamic banks globally. The same will also serve as a market-ready pre-configured solution which will help customers meet their retail, commercial and corporate banking needs. By this, TCS BaNCS continues to be in the forefront of core banking technology that supports both conventional and Islamic banking in a single version and codebase. Presently the stock of TCS is trading up by 1.3%.

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