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IT, Pharma stocks lead the gains
Wed, 6 Nov 11:30 am

After opening in the green, the Indian Indices are trading flat in the morning session amid outperformance in mid and small cap stocks. The buying interest is the highest in IT and Pharma stocks.

The BSE-Sensex is up 10 points and the NSE-Nifty is trading up 2 points. The BSE Mid Cap index is trading up 0.7% and the BSE Small Cap index is trading up 1%. The Rupee is trading at 61.87 to the US Dollar.

Most Information Technology (IT) stocks are trading positive today. Wipro and TCS are among the stocks leading the gainers. India's largest software company, Tata Consultancy Services (TCS) has announced that it has won a technology contract with Zions Bancorporation, an American financial services firm, to transform its core banking platform using BaNCS. BaNCS is a comprehensive banking services product developed by TCS. The key focus of the project will be to develop a central standardized software platform for Zions Bancorporation which would enable it to have a complete customer centric platform across the firm. This would be in addition to the costs savings that it would derive from greater operational efficiency. Zions Bancorporation is a company which consists of a group of large banks in western US. The financial details of the contract were not disclosed by the company. Banking Financial Services and Insurance (BFSI) is the largest contributor to revenues for TCS. In the September 2013 quarter, this vertical contributed 43.1% of revenues and grew at a pace of 16.9% QoQ. TCS is trading up % today.

Automobile stocks are trading mixed today. Tube Investments and Escorts are leading the gainers. Bajaj Auto and Ashok Leyland are leading the losers. Bajaj Auto is trading 1.5% down today. Bajaj Auto has reported 6% YoY decline in total sales at 385,323 units during October of 2013. The poor sales were a result of fall in commercial vehicles sales. For the month of October, Bajaj Auto's commercial vehicle sales dropped 26% YoY from 50,316 units (in last year's corresponding month) to 37,000 units. Also, motorcycles sales declined 4% YoY at 348,323 units as against 361,186 units in October last year. However, the company's exports increased to 138,022 units (9% up YoY). On a YTD basis; from April to October 2013, Bajaj Auto sold over 2.1m bikes against 2.3m units during the same period of 2012; down by 9% YoY. Also, the company recorded flat sales in three-wheelers segment.

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