Indian equity markets opened the well above the dotted line and have continued to trade firm during the morning trading session. All the sectoral indices are witnessing buying interest with stocks from capital goods and consumer durables being the leading gainers in the pack.
The BSE-Sensex is trading up 138 points. The NSE-Nifty is trading up 35 points. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 61.24 to the US dollar.
Software stocks are trading mixed today. While Tech Mahindra is leading the gainers; HCL Technologies is leading the losers. Mindtree has announced that it has been selected by the British Broadcasting Corporation (BBC) to test a range of its digital products in a two year deal. Digital products include applications and websites that can be accessed by PCs, mobile devices, cloud, digital TV, IPTV, terrestrial, cable or satellite TV and the internet. Mindtree was one among seven IT firms bidding for the contract. The estimated size of the contract is between 15 m and 25 m Pounds. Mindtree is trading flat today.
Indian pharma stock markets are trading mixed, with Natco pharma and Ranbaxy Ltd being the leading gainers while Elder pharma and Indoco being the leading losers in the pack. Sun pharmaceuticals has declared June quarter 2015 results (1QFY15). Net sales grew by 13% YoY during the quarter. The Indian formulations business grew by 17% YoY while the US business grew by 7% (in dollar terms) YoY. International formulations outside US grew by just 2% YoY for the said period. The EBITDA margins were same as of the last year at 44% during the quarter. On the bottom line, the company reported net profit of Rs 13.9 bn vs loss of 25.1 bn during 1QFY14. This loss was due to provision made for one off liability towards protonix.