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Revealed
India's Third Giant Leap

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Sensex hits 28,000 for the first time
Wed, 5 Nov 11:30 am

After opening in the green, the Indian Indices hit a record intraday high during the morning trading session. Banking and pharma stocks are leading the gains; while metal and energy stocks are leading the losses.

The BSE-Sensex is trading up 75 points. The NSE-Nifty is trading up 21 points. The BSE Mid Cap index is trading up 0.7% and the BSE Small Cap index is trading up 0.8%. The rupee is trading at 61.36 to the US dollar.

Telecom stocks are trading mixed today. While Tata Teleservices is leading the gainers; Reliance Communications is leading the losers. As per a leading financial daily, India's leading telecom firm Bharti Airtel will hike post paid rentals in next month. The increase in rentals is about 12% and would be targeted towards low rental plans. This follows the move made by the company in September when it had hiked mobile internet data rates by about 33% for pre-paid customers. These are signs that pricing power is slowly but surely returning to the industry. The stock was trading down 1.4% at the time of writing.

Most software stocks are trading firm with Tech Mahindra and HCL Tech leading the gainers. India's second largest software firm Infosys, had recently announced its intention to withdraw its planned investment in Bangalore to develop an IT park, citing lack of infrastructure at the site. However, the Karnataka state government has this morning stated that the company's demands would be met. Earlier, the company in a filling to the stock exchanges stated that it would surrender the land allocated to it, as the site did not have the adequate road and water infrastructure. The state government has clarified that the company would be provided the same. The stock was trading up 0.3% at the time of writing.

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