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Indian indices recover from day's low
Tue, 20 Aug 11:30 am

After opening on a weak note, the Indian stock markets have recovered from day's low during the morning session. The Auto and the Pharma indices are trading weakest while the FMCG and Metal indices are trading in the green.

The BSE-Sensex is down 50 points and the NSE-Nifty is trading down 14 points. The BSE Mid Cap is trading down 0.2% and the BSE Small Cap index is trading up 0.2% The Rupee is trading at 63.13 to the US Dollar.

Stocks in the IT sector are trading mixed today. Wipro is down 1% while Financial Technologies is up 1.5%. Infosys is trading flat after news of Executive Chairman N R Narayana Murthy has constituted a 'dream team' in the chairman's office, hand-picking key company executives from diverse backgrounds and with exposure to varied business segments. Murthy has chosen a team of four senior executives - former Infosys India business unit head Binod Hampapur Rangadore, Ranganath D Mavinakere, Deepak Padki and Rohan Murty. Murthy has also decided to keep strategic functions, including global delivery, mergers & acquisitions (M&As) and cost optimisation, attached to the chairman's office. Rangadore would head global delivery initiatives in the chairman's office. Mavinakere, the company's chief risk officer since 2008, would now head cost-optimisation initiatives. Padki, who heads M&A initiatives, would remain attached to the chairman's office. The other member in the new team is Narayana Murthy's son Rohan Murty, who was earlier appointed executive assistant to the chairman. While re-joining Infosys in June this year, Murthy had requested the board to allow to create a 'chairman's office'. He had also sought permission to create a team that would assist him during his tenure.

Most of the Engineering stocks are trading mixed today. BGR Energy and Siemens are leading the gainers; while Thermax andWelspun Corp. are leading the losers. Siemens has won two orders worth Rs 1.4bn from Bangladesh. The contract is from Rural Electrification Board of Bangladesh for construction of 38 new substations. Stock of Siemens is trading 2.1% up today.

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