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Energy stocks drag down indices
Thu, 26 Jun 11:30 am

After opening in the red; the Indian indices have remained below the dotted line in the morning session due to selling pressure in large cap Energy stocks. Engineering stocks are providing support to the markets.

The BSE-Sensex is trading down 130 points and the NSE-Nifty is trading down 30 points. The BSE Mid Cap index is trading up 0.3%, while the BSE Small Cap index is trading up 0.1% today. The rupee is trading at 60.1 to the US dollar.

Software stocks are trading mixed today. While HCL Technologies is leading the gainers, Infosys is trading on a weak note. As per a leading business daily, India's second largest software firm Infosys, has completed a prestigious project for L'Oreal Group. Infosys has created, tested and launched a new website and mobile platform for the group's premium brand Maybelline. The new website allows users to browse products, make purchases, watch tutorials, read and post reviews and get tips about using the products. The website was created in multiple languages for different countries across Asia. The project was completed on time within four months. The financial details of the project were not disclosed. Infosys is trading down 0.4% today.

Telecom stocks are trading mixed. While Idea Cellular in trading in the green, Reliance Communications is trading lower. As per the telecom industry body Cellular Operators Association of India (COAI), the country's largest telecom operator by subscriber's base Bharti Airtel has added 1.43 m rural subscribers in the month of May. This resulted in a growth of 1.53% month on month (MoM). As of March 2014 its total subscribers count stood around 205.5 m users. The second largest player, Vodafone added 0.64 m subscriber, registering a growth of 0.7% MoM in the month of May, while Idea Cellular's rural subscribers grew by 1.04% MoM at 0.79 m users. The overall industry's rural base grew by 1.2% with addition of 3.5 m to reach 300.63 m subscribers at the end of May 2014. Given the penetration level in the metros and tier I cities has already peaked, the telecom players are focusing on their presence in the rural areas where majority of the country's population resides. Bharti Airtel is trading up 0.3% today.

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