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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian markets trade flat
Fri, 6 Dec 11:30 am

After opening firm, the Indian Indices are trading flat in the morning session. The buying interest is highest in Auto stocks; while the selling pressure is focused in Banking stocks.

The BSE Sensex is up 38 points and the NSE-Nifty is trading up 14 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.5%. The Rupee is trading at 61.64 to the US Dollar.

Software stocks are trading mixed today. HCL Tech and Tata Consultancy Services (TCS) are among the stocks leading the gainers; while Wipro and Infosys are among the stocks leading the losers. According to a leading news daily, India's second largest software firm, Infosys, is considering a proposal to hive off its products business into a separate entity. The Products Platforms and Solutions (PPS) business currently contributes just 5.5% of revenues for Infosys. This is despite the fact that under the 3.0 strategy launched 3 years ago by the company; this business was to get a big push. The original plan was to derive one third of the revenues from PPS. After the failure in scaling up this business, the company may now make it a separate division. Its staff, compensation structure and operating metrics would be different from that of its services business. Infosys currently has only one significant product, Finacle, which the company developed for the banks in the year 2000. The proposal is currently under debate within the company and no time line has been set for a decision. Infosys is trading down 0.4% today.

Automobile stocks are trading positive today. Escorts and Hero Motor Corp. are leading the gainers. According to a leading business daily, Tata Motors' subsidiary Jaguar Land Rover (JLR) has signed a new agreement to supply 100,000 cars to China for Rs 460 bn approximately over the next year. The deal is a part of total business deals of Rs 570 bn which were struck during British Prime Minister David Cameron's visit to China. Over the years, China has emerged as JLR's single biggest market. The country commanded around 24 % of its market share in the first half of this fiscal. In order to capitalize on rising demand for its vehicles in China, JLR is setting up an assembly facility in the country along with Chery Automobile Company. The plant will entail an investment of US$ 1.75 bn and is expected to get operational by 2014. Tata Motors is trading 1% up today.

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