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Banks lend stability to Indian indices
Tue, 1 Oct 11:30 am

After a weak start, the Indian stock markets are trading above the dotted line in the morning session. The recovery has been largely led by banking, auto and capital goods stocks.

The BSE-Sensex is up by 80 points while the NSE-Nifty is trading up 25 points. The BSE Mid Cap index is trading up by 0.3% and the BSE Small Cap index is trading up by 0.5% The Rupee is trading at 62.39 to the US Dollar.

Information Technology stocks (IT) are trading mixed today. Infosys and Tata Consultancy Services are among the gainers, while HCL Tech and Tech Mahindra are among the losers. India's leading IT company Infosys has announced that it has jointly won a 300 m Euro contract, along with IBM, from the Royal bank of Scotland. This contract is for the development of software infrastructure and systems for a U.K based bank, Williams & Glyn's, which is part of the RBS group. This bank which has been dormant for about 30 years is being revived by RBS. Infosys along with IBM will jointly develop the system integration (SI) software for the bank on RBS's computer platform. The project is expected to be completed in about two years. The European region is an important revenue contributor for Infosys. However, post the crisis, this region has been seeing flat growth for many quarters.

According to the government data released yesterday, the Index of Industrial Production (IIP) of eight core industries has recorded a 7 month high growth of 3.7% Y-o-Y in August 2013. The sectors contributing to the growth are power, cement, steel and fertilizer. Power generation and cement production grew by 6.7% Y-o-Y and 5.5 % Y-o-Y respectively. The output of steel also grew by 4.3% Y-o-Y in the month. The fertilizer production grew by 1.7 % while the coal production grew by 5.5%. It is believed that fast tracking of clearances and coal linkages to completed power projects contributed to the growth. Also, good monsoon helped boosting the demand in fertilizer sector. However, the core sector growth is still much lesser than the 6.1% growth recorded in the same month of last year.

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