A bout of volatility was seen in early trade as the key benchmark indices drifted lower after a positive opening. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 46.19 points or 0.19% at 24,408.5. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was down 28.95 points or 0.39% at 7,408.85. Negative Asian stocks weighed on domestic bourses.
The broad market depicted weakness. There were over six losers for every gainer on BSE. 1481 shares declined and 220 shares rose. A total of 63 shares were unchanged. The BSE Mid-Cap index was currently down 1.48%. The BSE Small-Cap index was currently down 2.14%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
In overseas markets, Asian stocks declined after weak US economic data and massive falls in oil prices stoked further worries about a global economic downturn. Meanwhile, Chinese authorities continued to stamp down speculative yuan selling. China will start implementing a reserve requirement ratio (RRR) to some banks involved in the offshore yuan market, the People's Bank of China (PBOC) said in a statement today, 18 January 2016. US stocks dropped sharply on Friday, 15 January 2016 as oil prices plunged and investors worried about slowing growth in the US.
IT stocks rose. TCS (up 0.38%), Infosys (up 1.08%), HCL Technologies (up 1.41%), Tech Mahindra (up 0.96%) rose. Oracle Financial Services Software slipped 0.31%.
Wipro fell 1.55%. Wipro's consolidated net profit rose 2% to Rs 2230 crore on 7% growth in gross revenue to Rs 12860 crore in Q3 December 2015 over Q3 December 2014. The stock was volatile. The stock hit a high of Rs 550.20 and a low of Rs 531 in intraday trade. The result was as per International Financial Reporting Standards. The company announced the results before market hours today, 18 January 2016.
Wipro's revenue from IT services business rose 0.3% to $1,838.30 million in Q3 December 2015 over Q2 September 2015. IT services segment Non-GAAP constant currency revenue in dollar terms grew 1.4% sequentially. Wipro expects revenue from its IT services business to be in the range of $1,875 million to $1,912 million in Q4 March 2016.
Jatin Dalal, Chief Financial Officer of Wipro said that the impact on revenues from the Chennai floods were minimized significantly by strong execution of the company's robust business continuity plans (BCP). The additional expenses incurred in deploying BCP impacted operating margins for the quarter, Dalal said.
Maruti Suzuki India dropped 2.02%. Maruti Suzuki India on Saturday, 16 January 2016 announced a price increase ranging from Rs 1000 to Rs 4000 across models ex-showroom Delhi. Price of the recently launched model Baleno has been increased in the range of Rs 5000 to Rs 12,000, Maruti Suzuki India said. This price increase is with effect from 16 January 2016.
State Bank of India (SBI) shed 0.73%. SBI after market hours on Friday, 15 January 2016 announced that the committee of directors, authorized by the bank's board of directors, at its meeting held on 15 January 2016, inter-alia, authorized the bank to seek shareholders' approval and to write to the Government of India (GoI) and the Reserve Bank of India (RBI) seeking their approval for raising equity capital upto Rs 15000 crore till 31 March 2017 by various means.
Powered by Capital Market - Live News
