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Indian stock markets trade weak
Wed, 14 Sep 11:30 am

Indian stock market indices continued to trade weak over the last two hours of trade. All sectoral indices barring Technology are trading in the red. Consumer goods and Banking stocks are the biggest losers.

The BSE-Sensex is down by 51 points and NSE-Nifty is down by 15 points currently. BSE Mid Cap index is down by 0.35% and BSE Small Cap index is up by 0.04% respectively. The rupee is trading at 47.81 to the US dollar.

Steel stocks are trading firm led by National Mineral Dev. Corp. Limited and Jindal South-West Steel (JSW Steel) . As per a leading financial daily, Tata Steel has invested 0.5 m GBP in its UK plant. The investment in the Dudley plant in West Midlands (UK) is to upgrade hot-rolled strip processing capabilities. The steel company has installed a leveler for this purpose. The new leveler is expected to start functioning from January 2012. It is designed by industrial equipment manufacturer Heinrich Georg in association with research and development team of Tata Steel. The leveler will produce output to be used in supplying premium products to the steel company's lifting and excavating clients, meeting the increasingly exacting quality requirements in the manufacture of forklift truck frames, wheels, agricultural equipment, trailers and excavators.

IT stocks are trading strong. All stocks in the sectoral index are trading in the green except for Financial Technology Ltd. According to a leading financial daily, India's leading IT services firm Tata Consultancy Services (TCS) and Felda Prodata Systems have signed a collaboration pact to jointly develop and deliver strategic IT services and solutions to the Malaysian market. As part of the agreement both companies will jointly take forward their key IT initiatives in a timely, efficient and effective manner to service customers. They will also jointly develop and market IT solutions and services to local companies, Malaysian government-linked companies (GLCs) and global companies within Malaysia. This joint venture will enable TCS to share technology expertise in areas such as open source solutions, SAP-ERP application and business intelligence and performance management (BIPM) among other things.

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