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Banking stocks drag down markets
Thu, 20 Mar 11:30 am

After opening weak, the Indian indices are trading below the dotted line in the morning session. Apart from software and pharma stocks, all sectoral indices are trading in the red. The selling pressure is highest engineering and banking stocks.

The BSE-Sensex is trading down 35 points and the NSE-Nifty is trading down 18 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 61.21 to the US dollar.

Most software stocks are trading higher today. Tata Consultancy Services (TCS) and Wipro are among the stocks leading the gainers. India's third largest software firm, Wipro, has announced that it has entered into a strategic partnership with Tricentis. The company is a global player in the enterprise software testing space. Wipro will launch a center of excellence, dedicated to software testing, along with Tricentis. The partnership will aim to deliver value to global corporations by improving the efficiency, increasing automation and encouraging best practices. Tricentis will also get access to Wipro's large client base. Wipro will use the platform developed by Tricentis to enhance its capabilities in the testing apace. Wipro is trading up 2.5% today.

Most telecom stocks are trading higher today. Tata Communications and Reliance Communications are among the stocks leading the gainers. As per a leading business daily, Bharti Airtel will form an alliance with six leading GSM telcos in Africa for sharing network infrastructure. The companies in question are Etisalat, MTN, Ooredoo, Orange, Vodafone and Zain. Collectively the seven firms are present in 47 countries in Africa and manage 76 mobile network operations. The agreement will enable these firms to expand their operations into remote regions of Africa. This would help to drive down costs of mobile and internet services in the continent as well as reach out to the large unconnected population. Bharti Airtel is trading up 0.9% today.

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