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Indian markets face downside
Fri, 24 Jul 11:30 am

After opening the day on a weak note, Indian share markets continued to witness downside. Among the sectoral indices, software, banking and auto stocks are witnessing selling pressure. However, energy and pharma stocks are trading in the green.

BSE-Sensex is down 68 points (0.24%) and NSE-Nifty is trading 14 points down (0.16 %). The BSE Mid Cap & BSE Small Cap indices are trading in the green, up by 0.4 % and 0.2% respectively. The rupee is trading at 63.92 to the US dollar.

Software stocks are trading mixed with Wipro and Mphasis witnessing maximum selling pressure. India's third largest information technology (IT) services company Wipro has posted its financial numbers for the first quarter of 2015-16 which was largely in line with estimates. For the quarter ended June 2015 the company has posted a 4% rise in its net profit on a YoY basis. The revenue of the company witnessed a YoY rise of 10%. The company's IT services business that counts for a major chunk of its overall revenue grew by 10% YoY. Currently the stock of Wipro is trading down by 3%.

Stocks in the automobile sector are trading on a mixed note with Tata Motors and Ashok Leyland leading the losses. As per a leading financial daily, Bajaj Auto, has announced its numbers for the quarter ended June 2015. Net profit of the company jumped 37% for the quarter on a YoY basis. Net sales grew by 7% on a YoY basis while the absolute sales recorded a YoY increase of 2.5%. Presently the stock of Bajaj Auto is trading up by 0.8%.

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