After opening firm, the Indian Indices continued to trade above the dotted line during the morning trading session. Majority of the sectoral indices are witnessing buying interest, with stocks from oil and gas and capital goods sector leading the gains.
The BSE-Sensex is trading up by about 70 points while NSE-Nifty is trading up by about 21 points. The BSE Mid Cap index is trading higher by 0.10% and BSE Small Cap index is trading up by 0.54%. The rupee is trading at 60.46 to the US dollar.
Majority of Software stocks are trading in the red with Mphasis and Infosys being the top losers. As per financial daily, India's fifth largest software service company Tech Mahindra is considering various options for acquisition for both in Indian and overseas markets. Reportedly, as per the company's chairman Anand Mahindra, the company will have to make acquisitions in order to fuel growth. Historically, Tech Mahindra has remained quite active in making acquisitions. In last two financial years, the company has made seven acquisitions. Some of the known names are Satyam computer service, Hutchison global services and Comviva technologies. Through acquisitions company has also built new client base in various geographies. Tech Mahindra was trading up by 1%
Most of the Indian pharma stocks are trading weak with Indoco Remedies and Dishman pharma being the leading losers . Ranbaxy Laboratories has made an announcement that the company has received letter from competition commission of India (CCI). As per this letter, the company is required to publish details of the proposed combination between Ranbaxy and Sun pharma. Since some time, CCI is investigating over this acquisition as the regulator believes the said acquisition will result into market domination which in turn will hurt the public interest. It is believed that the acquisition can impact the prices of some essential drugs.