After opening weak, the Indian Indices are trading well below the dotted line in the morning session amid outperformance among mid-cap and small-cap stocks. The selling pressure is the highest in auto and metal stocks.
The BSE-Sensex is trading down 130 points and the NSE-Nifty is trading down 40 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 61.62 to the US Dollar.
Most Software stocks are trading lower today. Wipro and Tata Consultancy Services (TCS) are among the stocks leading the losers. India's second largest software firm, Infosys, has announced the operational date for its second campus in Odisha. The center known as Info City 2 at Info Valley in Bhubaneswar will be operational by April 2014. Infosys is developing the center jointly along with the Odisha Industrial Infrastructure Development Corporation on 50 acres of land in a special economic zone (SEZ). The company has not yet disclosed the number of people to be employed at the new campus. Infosys had established a presence in Odisha with the first campus in the same location a few years ago. This campus currently employs over 1000 people. Infosys is trading down 0.1% today.
Most Telecom stocks are trading positive today. Idea Cellular and Tata Teleservices are among the stocks leading the gainers. According to a leading financial daily India's largest Telecom firm Bharti Airtel is looking to leverage the fiber optic cable network of Reliance Jio after the recently announced tie-up between the two companies. Bharti has indentified high speed data services as the growth driver for the company. Using the fiber optic network of Reliance Jio for these services would certainly benefit the company to keep operating costs in check. Currently only 10% of Bharti's telecom towers are connected by fiber optic cables. The company would use Reliance Jio network in all the areas where it exists and would not create its own at those locations. Bharti Airtel is trading down 2.8% today.