After opening in the green, the Indian Indices have remained well above the dotted line during the morning session. Apart from metal and energy stocks, all sectoral indices are witnessing the buying interest.
The BSE-Sensex is trading up 113 points. The NSE-Nifty is trading up 30 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.3%. The rupee is trading at 63.4 to the US dollar.
Telecom stocks are trading mixed today. While Bharti Airtel leading the gainers; Tata Teleservices is leading the losers. As per a leading financial daily, the telecom and defense ministries are close to reaching an agreement on the contentious issue of swapping 3G spectrum for commercial use. The proposal entails swapping 15 MHz of the 1,900 spectrum for an equal amount of the 2,100 spectrum, currently held by the defense forces. The swap will ensure that 3 blocks (5 MHz each) will be available for auctions in each circle. This will enable rational bidding at the auctions. However the proposal is still to receive the final clearance from the cabinet.
Software stocks are trading mixed today. While Infosys leading the gainers; HCL Technologies is leading the losers. As per a leading financial daily, India's leading IT firms like Infosys and Wipro have become more aggressive in their attempts to win deals. Cut throat competition has resulted in aggressive bidding by large IT firms to win commoditised service contracts. The traditionally conservative firms are now seeking to commit money upfront to ensure that clients get a better deal. This form of aggressive pricing certainly helps IT firms win larger deals. However, they need to be careful not to compromise on their margins.