After opening firm, the Indian Indices have maintained the momentum and are trading above the dotted line in the morning session. Apart from the IT, capital goods and metal indices all other indices are trading in the green. Banking and pharma stocks are leading the gainers.
The BSE-Sensex is trading up 78 points. The NSE-Nifty is trading up 28 points. The BSE Mid Cap index is trading up 0.8% and the BSE Small Cap index is trading up 1.1%. The rupee is trading at 60.59 to the US dollar.
Most telecom stocks are trading higher today. Bharti Airtel and Idea Cellular are leading the gainers. India's largest telco, Bharti Airtel has expanded its operations in the country of Kenya. Bharti's African subsidiary's, has signed an agreement to acquire over 2.7 m subscribers of Essar Telecom's YuMobile in the country. The transaction is subject to the approval of the relevant authorities in Kenya. Bharti Airtel is the second largest telco in Kenya with about 5 m subscribers and this expansion will strengthen its position in the country. Bharti Airtel is trading up 3.3% today.
Most automobile stocks are trading higher today. Hero MotoCorp and TVS Motors are leading the gainers. TVS Motors has reported a robust 46% YoY growth is sales for the month of August 2014. The company has sold 227,482 units last month compared to 155,532 units in the same month last year. Two wheeler sales were up 47% YoY from 148,469 units (in Aug 2013) to 217,662 units (in Aug 2014). Scooter sales were up a huge 84% YoY and motorcycle sales were up 36% YoY. The stock of TVS Motors is trading at an all time high and is up 3% today.