After opening flat, Indian Indices are trading below the dotted line during the morning session. Barring stocks from FMCG, healthcare and IT sectors, all the sectoral indices are witnessing selling pressures. Stocks from Power and metal sectors are leading the pack of losers.
The BSE-Sensex is trading down 110 points. The NSE-Nifty is trading down 31 points. The BSE Mid Cap index is trading down 1.68% and the BSE Small Cap index is trading down 2.33%. The rupee is trading at 61.02 to the US dollar.
Majority of the retail stocks are trading in red with Future retail and Trent Ltd being the leading losers in the pack. As per a financial daily, Titan company's Tanishq brand which sells gold and diamond jewellery, will be soon launching gold deposit schemes. Reportedly, the company's Board of Directors have approved a new scheme of fixed deposits for gold. One should note, the company, forced to bring end to its earlier much popular schemes during July 2014. Titan had to stop its two gold deposit schemes after the new Companies Act, which termed this scheme as public deposits. Now the company will be launching the new gold deposit scheme and will be structured attractively.
Most large cap software stocks are trading higher today. Tata Consultancy Services (TCS) and Tech Mahindra are leading the gainers. As per the financial daily, India's second largest software firm Infosys, will focus on developing its core banking software Finacle. CEO Vishal Sikka has indicated that he would want Infosys to become a more innovative company. Thus the company is looking to significantly increase its investment in Finacle with a view to developing it further. Over the last two years, revenues from Finacle have dropped from US$ 314 m to US$ 297 m and the company wants to reverse this trend. One option could be to expand the product to include insurance. This is something that arch rival TCS has already done with its core banking product BaNCS. Infosys is currently trading up 0.4%.