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IT, auto stocks drag markets lower
Wed, 23 Oct 11:30 am

After opening flat, the key indices in Indian equity markets went into the negative territory in the morning session. The maximum selling pressure was witnessed in auto and IT stocks.

The BSE Sensex is down 120 points and the NSE-Nifty is trading down 35 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.1%. The Rupee is trading at 61.49 to the US Dollar.

Most IT stocks are trading lower today. Wipro and HCL Tech are among the stocks leading the losers. India's leading software services firm Tech Mahindra has announced a global business partnership with Bosch Software Innovations GmbH which is the software division of the Bosch Group, focused on the global manufacturing and transportation industries. In the partnership Tech Mahindra will co-develop scalable software solutions for not just Bosch but also other large global firms. The focus will be on developing end-to-end solutions for accelerating the delivery of software solutions, reducing time-to-market and upfront capital investments. The alliance will be strategic and long term in nature. Tech Mahindra has considerable expertise and domain knowledge in enterprise solutions having worked on large projects in both the manufacturing and transportation sectors. The manufacturing vertical contributed 19% and the Transportation vertical contributed 6% of total sales in 1QFY14. Tech Mahindra is trading down 0.5% today.

Engineering stocks are trading mixed today. Suzlon Energy and Engineers India are leading the pack of gainers; while Siemens and Bharat Earth Movers are leading the losers. Larsen and Toubro (L&T) is trading down 0.5% today. L&T has bagged orders worth Rs 13.3 bn in the first month (October) of 3QFY14. The company has secured these orders in various business segments ranging from Water, Renewable Energy and Buildings & Factories Business. L&T has already bagged orders of about Rs 516 bn during 1HFY14. The company has indicated growth in order inflow of 20% YoY for FY14.

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