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IT stocks weigh down markets
Thu, 25 Jun 11:30 am

After opening the day on a flat note, the Indian stock market indices have struggled to find direction in morning trade. Buying interest is highest in capital goods stocks while IT stocks are under selling pressure.

The BSE-Sensex is trading up by 39 points (0.14%) and the NSE-Nifty is trading up by 5 points (0.06%). The BSE Mid Cap index is trading up by 2 points (0.01%), while the BSE Small Cap index is trading up by 8 points (0.07%). The rupee is trading at 63.62 to the US dollar. Gold and Silver are trading at Rs 26,575 per 10 grams & Rs 36,190 per kilogram respectively.

Stocks in Telecom sector are trading mixed with Bharti Airtel trading up 0.5% and Tata Communication trading down 0.3%. The country's biggest mobile operator Bharti Airtel has filled a police complaint against a former employee Mr. Yashir Majid for providing confidential information to the rival soon to be Reliance Jio Infocomm. The employee had left Bharti Airtel on 24th April to Join Reliance Jio Infocomm. On May 26th the company found that some confidential data was fraudulently transferred by the employee. The data included details of locations of Airtel's base stations which were used to transmit airwaves and the future location of such installations. The data was classified as 'highly confidential'. RJio is expected to launch services in December this year.

Most Software stocks are trading on a negative note with Tech Mahindra and HCL Tech leading the losers. The weightage of the stock of Infosys in the Nifty, Sensex and MSCI Indices is expected to increase and will be higher as compared to the mortgage lender Housing Development Finance Corporation Ltd (HDFC). The weightage of stocks on the benchmark indices are partially dependent on the extent of free float or non-promoters holdings. Infosys promoters currently hold 13.08% stake in the company. The promoters holding of 13.08% would be classified as public if the company becomes professionally managed and does not have any identifiable promoters. Narayana Murthy, Nandan Nilekani and S Gopalakrishnan who are the promoters are no longer associated with the company other than as ordinary shareholders. Therefore their stake is expected to be classified as public shareholding by SEBI. Infosys is trading down 0.2%.

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