After opening flat, the Indian indices have slipped into the red during the morning session. Apart from pharma and IT stocks; stocks from all sectors are witnessing selling pressure.
The BSE-Sensex is trading down 81 points. The NSE-Nifty is trading down 29 points. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 61.85 to the US dollar.
Telecom stocks are trading mixed today. While Idea Cellular is leading the gainers; Bharti Airtel is leading the losers. As per a leading financial daily, India's largest telecom firm Bharti Airtel is looking to expand its services in the DTH segment. DTH is a fast growing business for Bharti and the company is looking at gaining the first mover advantage in offering the latest DTH services. The company plans to launch a self-care application for its high-end HD subscribers. This will enable them to access Airtel TV services from their set-top boxes instead of calling the customer support center. This will help the firm increase brand loyalty and reduce costs. The company also plans to launch a plug and play Wi-Fi dongle called Airtel Infinity. This can be connected to the set-top box and will connect users to the internet without any additional wring.
Most Software stocks are trading higher today. Tata Consultancy Services (TCS) and Wipro are leading the list of gainers. According to research firm Gartner, the Indian government, along with state governments, will boost their IT spending in the coming years as the 'Digital India' campaign rolls out. Public sector IT spending is expected to touch US$ 7.2 bn in 2015. This compared to an expected spending of about US$ 6.6 bn in 2014. The services that will be in demand are domain specific application development and maintenance, BPO, database management and consulting. Currently, the public sector does not contribute a significant part of Indian IT firm's revenues but that could change in the future.