Key benchmark indices edged lower in early trade tracking weakness in Asian stocks. The barometer index, the S&P BSE Sensex was currently down 73.31 points or 0.26% at 28,002.24. The Sensex regained psychological 28,000 mark after falling briefly below that mark. The market breadth indicating the overall health of the market was positive. TCS dropped after reporting Q3 results.
Foreign portfolio investors bought shares worth a net Rs 1738.24 crore yesterday, 15 January 2015, as per provisional data.
Among overseas markets, Asian stocks fell today, 16 January 2015 as the market turmoil sparked by Switzerland abandoning the franc's cap extended into a second day. US stocks suffered their fifth-straight session of declines yesterday, 15 January 2015, under pressure from disappointing earnings and worries about global economic growth.
At 9:25 IST, the S&P BSE Sensex was down 73.31 points or 0.26% at 28,002.24. The index rose 30.67 points at the day's high of 28,106.22 in early trade. The index fell 130.24 points at the day's low of 27,945.31 in early trade.
The CNX Nifty was down 14.60 points or 0.17% at 8,479.55. The index hit a low of 8,452.25 in intraday trade. The index hit a high of 8,530.75 in intraday trade.
The BSE Mid-Cap index was up 6.04 points or 0.06% at 10,604.73. The BSE Small-Cap index was up 0.89 points or 0.01% at 11,314.99. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 728 shares advanced and 675 shares declined. A total of 44 shares were unchanged.
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Bharti Airtel declined 1.82%. The company after market hours yesterday, 15 January 2015 in a clarification with regard to news item titled "Airtel may pay Rs. 436 crore" said that the company has not received any order demanding Rs 436 crore from the Department of Telecom. The company, as a matter of policy, does not wish to comment on the present speculative news items and if required, will make necessary disclosures at an appropriate time, Bharti Airtel said.
Axis Bank rose 0.27% ahead of its Q3 results today, 16 January 2015.
Wipro dropped 0.36% ahead of its Q3 results today, 16 January 2015.
TCS dropped 1.66% after reporting Q3 results. The company's consolidated net profit rose 1.6% to Rs 5328 crore on 2.9% growth in revenue to Rs 24501 crore in Q3 December 2014 over Q2 September 2014. The result hit the market after market hours yesterday, 15 January 2015.
TCS' consolidated operating profit rose 3.7% to Rs 6586 crore in Q3 December 2014 over Q2 September 2014.
TCS said that growth in Q3 December 2014 was driven by industries like Telecom, Hi Tech and Life Sciences. Europe led growth, driven by the investments made in that market, while North America also grew during the quarter, TCS said. Among emerging markets, Latin America and MEA registered strong growth, it added. Among service lines, Global Consulting, Asset Leveraged Solutions, Infrastructure Services and Assurance Services were the leaders, TCS said in a statement.
Commenting on the company's Q3 performance, CEO and MD of TCS, N Chandrasekaran said, We have maintained our momentum in a traditionally weak quarter for the IT industry. In constant currency terms, we have seen significant growth in USA, Europe as well as emerging markets like Latin America and Middle-East Africa. Our diversified industry portfolio and presence across key markets have helped us overcome soft seasonal demand in some sectors.
Mr Chandrasekaran added, Based on our progress this quarter, we are well on our way to post industry-leading growth for FY 2015. In areas like Digital, Simplification and Governance, we continue to partner closely with customers to help them prepare their businesses to succeed in an economy where the default is digital.
Rajesh Gopinathan, CFO, TCS said, Sharp cross currency movements have impacted dollar revenues, but we continue to manage operations with discipline and rigour while investing in people, capabilities and infrastructure on an ongoing basis.
As of 31 December 2014, the company has applied for 2,081 patents including 121 applied during the quarter. Till date, the company has been granted 175 patents, TCS said in a statement.
On macro front, India's merchandise export declined 3.8% to $ 25.4 billion in December 2014 over December 2013. Meanwhile, merchandise imports also declined 4.8% to $ 34.83 billion in December 2014. Thus, the trade deficit narrowed to 10-month low of $ 9.4 billion in December 2014, while nearly halving from US$ 16.86 billion in November 2014. Trade data was announced after market hours yesterday, 15 January 2015.
The Reserve Bank of India (RBI) made a surprise announcement of a cut in its main lending rate viz. the repo rate by 25 basis points in an unscheduled review yesterday, 15 January 2015.
Asian stocks fell today, 16 January 2015 as the market turmoil sparked by Switzerland abandoning the franc's cap extended into a second day. Key benchmark indices in Indonesia, Singapore, Hong Kong, Taiwan, South Korea, and Japan were down 0.19% to 2.78%. China's Shanghai Composite rose 1.04%.
China's foreign direct investment (FDI) rose an annual 1.7% last year, although the pace slowed from 2013 as a cooling economy and shifting drivers of growth weighed on offshore investment flows. China attracted a record $119.56 billion from foreign investors last year compared to $117.6 billion in 2013, the Ministry of Commerce said in a statement.
US stocks suffered their fifth-straight session of declines yesterday, 15 January 2015, under pressure from disappointing earnings and worries about global economic growth.
Switzerland's central bank yesterday, 15 January 2015, scrapped its policy of capping the Swiss franc at 1.20 to the euro. The Swiss National Bank has intervened in markets since September 2011.
Meanwhile in Europe, uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until the early election in the country later this month. Greece is set to hold snap elections on 25 January 2015 after it failed to elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the government negotiated in 2012.
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