Key benchmark indices drifted lower in early trade. The fall in the 50-unit CNX Nifty was higher than the barometer index, the S&P BSE Sensex, due to fall in non-Sensex constituents. The Sensex was currently down 17.60 points or 0.06% at 28,648.44. The CNX Nifty was currently down 29.50 points or 0.34% at 8,677.20. The market breadth indicating the overall health of the market was positive. Asian stocks were mixed today, 17 April 2015.
Index heavyweight Reliance Industries (RIL) rose ahead of its Q4 March 2015 results today, 17 April 2015. Software major TCS dropped after the company reported fall in Q4 consolidated net profit after adjusting for one time special employee reward.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 214.36 crore yesterday, 16 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 432.27 crore yesterday, 16 April 2015, as per provisional data.
At 9:26 IST, the S&P BSE Sensex was down 17.60 points or 0.06% at 28,648.44. The index gained 30.15 points at the day's high of 28,696.19 at onset of the day's trading session. The index fell 51.35 points at the day's low of 28,614.69 in early trade.
The CNX Nifty was down 29.50 points or 0.34% at 8,677.20. The index hit a high of 8,699.85 in intraday trade. The index hit a low of 8,671.35 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 686 shares gained and 577 shares fell. A total of 49 shares were unchanged.
The BSE Mid-Cap index was off 32.67 points or 0.3% at 10,960.35. The BSE Small-Cap index was off 19.77 points or 0.17% at 11,772.97. The fall in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 386 crore by 09:25 IST.
Index heavyweight Reliance Industries (RIL) rose 1.15% ahead of its Q4 March 2015 results today, 17 April 2015.
Software major TCS dropped 2.4%. TCS' consolidated net profit excluding one time special employee reward rose 8.35% to Rs 5773 crore on 1.14% decline in income to Rs 24220 crore in Q4 March 2015 over Q3 December 2014. TCS' bottom line during the quarter was boosted by 76.39% surge in other income to Rs 1136 crore in Q4 March 2015 over Q3 December 2014. The result was announced after market hours yesterday, 16 April 2015.
TCS' reported net profit during the quarter fell sharply due to one time special employee reward. Consolidated net profit dropped 30.31% to Rs 3713 crore in Q4 March 2015 over Q3 December 2014.
TCS said that it will pay employees a special reward or one-time bonus to mark the 10th anniversary of the company's initial public offering in 2004. For the company, the total consideration for this special reward to employees will be Rs 2628 crore.
Looking forward to financial year (FY) 2015-16, CEO and MD of TCS, Chandrasekaran said that the company's investments in platforms, digital and automation are gaining traction with clients and together with its market investments in USA, Europe and Japan, the company is upbeat that the coming quarters will bring more opportunities to partner with customers across multiple industries.
TCS said that the board of directors of the company at its meeting held on 16 April 2015 has recommended a final dividend of Rs 24 per share for the year ended 31 March 2015 (FY 2015).
Bharat Heavy Electricals (Bhel) rose 0.09%. With respect to news article titled Bhel, Russian firm INTMA ink pact for power plant in Kazakhstan, Bhel has clarified after market hours yesterday, 16 April 2015, that the subject matter is at a proposal stage only and as such is not price sensitive information. The subject media report has been released by an independent media services agency covering Hannover Messe, Germany, where Bhel is participating as an exhibitor, Bhel added.
Asian stocks were mixed today, 17 April 2015. Key benchmark indices in China, South Korea, Hong Kong and Indonesia rose by 0.01% to 2.06%. Key benchmark indices in Singapore, Taiwan and Japan fell by 0.25% to 0.89%.
Singapore's key non-oil domestic exports unexpectedly surged in March due to growth in both electronics and non-electronic shipments. Exports of goods made in Singapore rose 18.5% in March compared with a year earlier, after falling 9.7% in February, trade promotion agency International Enterprise Singapore said today, 17 April 2015.
US stocks closed slightly lower yesterday, 16 April 2015 as investors digested a mixed batch of economic reports.
US economic data released yesterday, 16 April 2015 showed housing starts rose far less than expected in March and factory activity in the mid-Atlantic region grew modestly this month, suggesting the economic momentum will probably not be strong enough for the Federal Reserve to decide to start raising interest rates as early as June.
Meanwhile, Greek Prime Minister Alexis Tsipras yesterday, 16 April 2015 reportedly said that he was "firmly optimistic" his government would reach an agreement with its creditors by the end of April despite friction over issues such as pension and labour reform. Greece needs to strike a deal within the next few months to secure billions of euros in bailout aid to avoid defaulting on its debts and potentially exiting the euro.
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