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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Banking stocks drag down markets 
(Tue, 10 Dec 11:30 am) 
 
After opening weak, the Indian Indices are trading below the dotted line in the morning session. The selling pressure is the highest in Banking and Engineering stocks.

The BSE Sensex is trading down 76 points and the NSE-Nifty is trading down 34 points. The BSE Mid Cap index is trading down 0.2% and the BSE Small Cap index is trading down 0.4%. The Rupee is trading at 61.24 to the US Dollar.

Most Software stocks are trading higher today. Tech Mahindra and Tata Consultancy Services (TCS) are among the stocks leading the gainers. According to a leading financial daily, India's second largest software firm, Infosys, has launched a new software platform for the retail and FMCG industries. The platform, called 'Trade Edge', has been developed jointly by FMCG major Procter & Gamble. It will help retail and FMCG companies closely monitor their sales, distribution and inventory systems from an end-to-end point of view. This would result in significant reduction in costs for these companies. The platform would be targeted towards emerging markets and would make use of advanced data analytics tools. It would enable these companies to gain insights into customer preferences and market trends. Infosys is trading up 1% today.

Most Telecom stocks are trading positive today. Idea Cellular and Reliance Communications are among the stocks leading the gainers. India's third largest Telecom firm Idea Cellular, has received an important approval for its data services. The company has announced that it has received the Reserve Bank of India's (RBI) license for its 'mobile wallet' service. The RBI has provided the company with a five year license for providing mobile payment services for its subscribers. Idea will now be able to offer its subscribers, the ability to purchase products from multiple vendors from their mobile phones. Bharti Airtel and Vodafone are the only other telcos that provide this service. Idea has identified data to be the key driver of revenues for the company in the future as opposed to voice revenues. Idea Cellular is trading up 2.3% today.

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