After opening weak, the Indian Indices have drifted lower and are trading well below the dotted line in the morning session. Apart from the FMCG and the pharma indices, all the sectoral indices are trading in the red. Stocks from the capital goods and metal indices are leading the losers.
The BSE-Sensex is trading down 120 points. The NSE-Nifty is trading down 41 points. The BSE Mid Cap index is trading down 0.7% and the BSE Small Cap index is trading down 1.1%. The rupee is trading at 60.41 to the US dollar.
Software stocks are trading mixed today. While Tech Mahindra is leading the gainers; Infosys is leading the losers. India's fourth largest software firm, HCL Technologies, has been selected as a strategic partner by Sydney Trains Australia. HCL Tech will provide end-to-end software application development and maintenance as well as BPO support services. During the transition phase to the new software system, HCL Tech will endeavor to not disrupt the ongoing business of Sydney Trains. The partnership will enable the Australian firm to reduce costs as well as improve efficiency and customer service. As of FY14, the transportation vertical as well as the Australian geography does not contribute significantly to HCL Tech's revenues. Thus this is an important partnership for the Indian IT firm. The financial details of the partnership were not disclosed. HCL Tech is trading up 0.5% today.
Automobile stocks are trading mixed today. While TVS Motors is leading the gainers; Ashok Leyland is leading the losers. As per a financial daily, India's largest car manufacturer, Maruti Suzuki, has begun advance booking for its new mid-sized car the Ciaz. The car will be launched in the first week of October in a price range of Rs 7.19 lakh and Rs 11.05 lakh. It will replace the SX4 which had limited success and will be aimed at existing sedan users looking to upgrade. The car will compete with the Honda City and the Hyundai Verna. As per Maruti, the Ciaz has been developed on a completely new platform and will have a premium feel which entry level sedans lack. Maruti Suzuki is trading down 0.3%.