After opening weak, the benchmark Indian Indices have remained marginally below the dotted line in the morning session and are currently trading flat. The pharma index is the biggest gainer on the bourses; while banks, auto and energy stocks are leading the losers.
The BSE-Sensex is trading down 20 points. The NSE-Nifty is trading down 10 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.7%. The rupee is trading at 61.15 to the US dollar.
Most software stocks are trading higher today. HCL technologies and Wipro are leading the gainers. India's third largest software firm, Wipro, has won a software contract from the Saudi Electricity Company (SEC) of Saudi Arabia, the largest power utility in the Middle East. The contract was won by Wipro Arabia the Middle East arm of the firm. The contract relates to the implementation and roll out of the SAP based ERP system for the plant maintenance and project system functionality. Wipro is expected to complete the project in 10 months. The financial details of the contract were not disclosed. Wipro is currently trading up 0.6%.
Telecom stocks are trading mixed today. While Idea Cellular is leading the gainers; Mahanagar Telephone Nigam Limited (MTNL) is leading the losers. As per a leading financial daily, the Department of Telecom (DoT) has moved the Supreme Court concerning the 3G roaming pacts between Telecom companies. The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) had on 29 April 2014 overturned a government ban on telcos offering 3G mobile services beyond their licensed zones through roaming pacts TDSAT had stated that 3G roaming was in national interest as it would allow better utilisation of scarce radio frequencies. The DoT has appealed to the Supreme Court to get the ban implemented again. This case is important because the DoT had slapped a fine of Rs 12 bn on telcos like Bharti Airtel, Idea Cellular and Vodafone India for offering 3G services in the areas where they did not have a license via the roaming pacts.