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IT and FMCG stocks drag down markets
Tue, 26 Nov 11:30 am

After opening weak, the Indian Indices are trading below the dotted line in the morning session. The buying interest is highest in Capital Goods and Metal stocks while FMCG and IT stocks are facing the maximum selling pressure.

The BSE Sensex is down 85 points and the NSE-Nifty is trading down 23 points. The BSE Mid Cap index is trading up 0.1% and the BSE Small Cap index is trading flat. The Rupee is trading at 62.42 to the US Dollar.

Most Software stocks are trading lower today. Wipro and Tata Consultancy Services (TCS) are among the stocks leading the losses. According to a leading financial daily, India's largest software company Tata Consultancy Services (TCS) is looking to set up its biggest delivery center in Hyderabad. The location selected by TCS in Hyderabad is Adibatla and TCS will inaugurate the center early in the next financial year. The center which will be built on a 79 acres campus is expected to house 26000 employees. TCS currently employs over 24000 people across different locations in Hyderabad and many of them will move to the new center next year. The company would also hire around 3000-5000 people locally via campus recruitment for entry level positions. TCS had recently increased its hiring target for this year to 50000 from 45000. The company already has achieved half of this new recruitment target. TCS is trading down 0.8 % today.

Retailing stocks are trading mixed today. Titan Company Ltd and Trent are leading the gainers. Koutons Retail and Zodiac Cloth are leading the losers. According to a leading business daily, Titan has announced a capacity expansion for it watch case and precision equipment manufacturing facility in Tamil Nadu. The expansion is expected to cost about Rs 1.8 bn. The company has acquired the land in Coimbatore and Hosur for the proposed plants. The company is setting up the plant to manufacture high-end stainless steel cases with technology from Seiko Epson Corp, Japan. At present, Titan has a capacity to manufacture around six million units of watch cases and is planning to increase capacity by one million cases every year. The capacity is expected to be ready in 12-18 months. Currently, Watch segment contributes about 18-20% of its total revenues. Titan is trading 1.6% up today.

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