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IT and FMCG stocks drag down markets
Tue, 26 Nov 11:30 am

After opening weak, the Indian Indices are trading below the dotted line in the morning session. The buying interest is highest in Capital Goods and Metal stocks while FMCG and IT stocks are facing the maximum selling pressure.

The BSE Sensex is down 85 points and the NSE-Nifty is trading down 23 points. The BSE Mid Cap index is trading up 0.1% and the BSE Small Cap index is trading flat. The Rupee is trading at 62.42 to the US Dollar.

Most Software stocks are trading lower today. Wipro and Tata Consultancy Services (TCS) are among the stocks leading the losses. According to a leading financial daily, India's largest software company Tata Consultancy Services (TCS) is looking to set up its biggest delivery center in Hyderabad. The location selected by TCS in Hyderabad is Adibatla and TCS will inaugurate the center early in the next financial year. The center which will be built on a 79 acres campus is expected to house 26000 employees. TCS currently employs over 24000 people across different locations in Hyderabad and many of them will move to the new center next year. The company would also hire around 3000-5000 people locally via campus recruitment for entry level positions. TCS had recently increased its hiring target for this year to 50000 from 45000. The company already has achieved half of this new recruitment target. TCS is trading down 0.8 % today.

Engineering stocks are trading mixed today. BGR Energy and Bharat Heavy Electricals Ltd (BHEL) are leading the gainers. Punj Lloyd and Bharat Bijlee are leading the losers. India's leading power equipment manufacturer, Bharat Heavy Electricals Ltd (BHEL) has announced that it has bagged a large order from National thermal Power Corporation (NTPC). The order worth Rs 13 bn is for supplying and installing the main 500 MW power plant for NTPC's Unchahar power project in Uttar Pradesh (UP). The company has announced that it has received this contract from a joint venture between NTPC and BHEL Power Projects Pvt. Ltd. The company would also have to supply auxiliary components, switchgear and Instrumentation for the plant. BHEL said that the critical elements of the plant would be manufactured at its various divisions at Trichy, Ranipet, Haridwar, Bengaluru, Hyderabad and Bhopal. The installation and commissioning of the plant would be done by its northern power division. The company has developed a 20000 MW per annum capacity, to build power plant equipment. BHEL is trading up 3.5% today.

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