After opening the day in the red, share markets in India witnessed choppy trading activity throughout the day and are presently below the dotted line. All sectoral indices are trading in the red with stocks in the pharma sector and stocks in the realty sector leading the losses.

The BSE Sensex is down by 110 points (down 0.3%) and the NSE Nifty is trading down by 50 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 1.3%, while the BSE Small Cap index is trading down by 1.2%. The rupee is trading at 66.62 to the US$.

In news from stocks in the IT sector. According to a leading financial daily, HCL Technologies is set to replace Wipro Ltd as the definitive number 3 player in the Indian IT space.

HCL Technologies Ltd is set to surpass Wipro Ltd to become India's third-biggest software services provider in the three months to 30 June, marking the first change in the pecking order of the country's US$167 billion information technology outsourcing industry in six years.

Reportedly, Billionaire Shiv Nadar-led HCL Technologies expects its dollar revenue to grow by as much as 12.5% in the current financial year, implying that the company will race past Azim Premji-led Wipro.

To mitigate this, HCL Technologies has invested over US$1.3 billion over the past two years in licensing intellectual properties from companies and then building products around them for clients. This has proved financially lucrative for the company in the short run.HCL's rise has come on the back of years of underperformance by Wipro. Until a few years ago, both companies used to generate significant business from managing data centers or offering infrastructure services to their clients. That revenue disappeared with the rise of cloud computing or offerings of computing power by the hour by firms such as Amazon Web Services.

Note that, HCL has already surpassed Wipro in terms of market capitalization. It could soon do so in terms of revenue as well.