Key benchmark indices were trading lower in early trade on negative global cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 90.25 points or 0.25% at 36,193. The Nifty 50 index was down 43.60 points or 0.39% at 11,086.80.
Among secondary barometers,the BSE Mid-Cap index was down 0.27%. The BSE Small-Cap index was down 0.60%. Both these indices underperformed the Sensex.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,040 shares fell and 475 shares rose. A total of 61 shares were unchanged.
Overseas, Asian stocks fell across the board, tracking declines seen on Wall Street in the previous session. US stocks declined as the yield for benchmark 10-year Treasury note hit the highest level since April 2014 above 2.7%, raising concerns that rising borrowing costs could upend a relentless uptrend for equities. The Dow closed down about 0.7%, the S&P 500 index closed off 0.7%, at 2,853, registering its worst daily fall since August, while the Nasdaq Composite Index closed down 0.5%.
The Federal Open Market Committee (FOMC) of the US Federal Reserve holds its next two-day monetary policy meet on Tuesday, 30 January 2018 and Wednesday, 31 January 2018. The Federal Reserve will announce its interest rates decision on Wednesday. The Fed, in a widely expected move, had raised interest rates by 25 basis points (bps) to a range of 1.25-1.5% in its December monetary policy meeting.
Closer home, Tech Mahindra was down 1.47%. The company's consolidated net profit rose 12.8% to Rs 943 crore on 2.2% rise in revenue to Rs 7776 crore in Q3 December 2017 over Q2 September 2017. Earnings before interest, tax and depreciation (EBITDA) margin rose 1.8% to 16.3% in Q3 December 2017 compared with Q2 September 2017. The announcement was made after market hours yesterday, 29 January 2018.
Vineet Nayyar, Vice Chairman, Tech Mahindra, said that the focus on digital transformation, continuous reskilling of workforce to meet the future demands of market space is showing encouraging results. The quarter results also demonstrate company's focus on execution, which is key in an otherwise unpredictable macro business environment.
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C P Gurnani, CEO & MD, Tech Mahindra, said that the company has continued to clock steady growth in the quarter across revenue, profits and new business. The company's commitment to DAVID strategy (digitization, automation, verticalization, innovation, disruption) has yielded marquee deals in the digital space.
Wockhardt was down 2.44%. On a consolidated basis, Wockhardt reported loss after tax of Rs 41 crore in Q3 December 2017, lower than loss after tax of Rs 54 crore in Q3 December 2016. Sales rose 1.01% Rs 1005 crore in Q3 December 2017 over Q3 December 2016. The announcement was made after market hours yesterday, 29 January 2018.
Moil was up 2.76%. The company said that the meeting of board of directors of the company will be held on 5 February 2018, to consider the proposal for buy back of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 29 January 2018.
Welspun Corp was up 1.08%. The company said that it has received additional orders for supply of 232 kilo metric tonnes (MTs) pipes, including a large order. With these additions, the company has current order book of 1,279 KMTs valued at Rs 8200 crore. The announcement was made after market hours yesterday, 29 January 2018.
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