Key benchmark indices were trading lower in early trade as weak Asian cues spoiled sentiment. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 149.91 points or 0.62% at 23,871.07. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty was down 37.95 points or 0.52% at 7,260.25. The Sensex fell below the psychologically important 24,000 mark.
The market breadth, indicating the overall health of the market, was weak. On BSE. 689 shares fell and 371 shares rose. A total of 55 shares were unchanged. The BSE Mid-Cap index was currently down 0.25%. The BSE Small-Cap index was currently down 0.24%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
In the overseas market, Asian markets extended fall in the Lunar New Year's first week of trading, with sell-offs in Japan and Singapore today, 10 February 2016. Hong Kong and South Korea will resume trading on Thursday. Mainland Chinese markets and Taiwan will be closed for the week. US stocks finished yesterday's, 9 February 2016, volatile session little changed as a rally in materials was offset by losses in the energy sector fueled by a fresh drop in oil prices amid a global stock selloff.
TCS was down 0.27%. In an event held by Nasscom in Mumbai, TCS allayed market concerns about the state of demand in the banking and financial services (BFS) industry vertical by reiterating that the company's business in the BFS vertical continues to grow well, ahead of the overall company growth. The company pointed out that revenue from the BFS industry vertical in calendar year (CY) 2015 grew by 15% year-on-year in constant currency terms. On the other hand, company-wide revenue grew 13.5% on a constant currency revenue basis in CY 2015, representing absolute incremental revenue of $2.025 billion, TCS said. On an organic basis, TCS' constant currency revenue addition of $1.85 billion is the highest in the industry in CY 2015, the company said. The announcement was made by the company after market hours yesterday, 9 February 2016.
Allahabad Bank was down 5%. The bank reported net loss of Rs 486.14 crore in Q3 December 2015 as against net profit of Rs 164.11 crore in Q3 December 2014. Total income declined 6.61% to Rs 5030.19 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 9 February 2016. The bank's provisions and contingencies surged 87.7% to Rs 1208.15 crore in Q3 December 2015 over Q3 December 2014. Allahabad Bank's gross non-performing assets (NPAs) stood at Rs 9802.10 crore as on 31 December 2015 compared with Rs 7985.75 crore as on 30 September 2015 and Rs 8012.42 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 6.4% as on 31 December 2015 as against 5.26% as on 30 September 2015 and 5.46% as on 31 December 2014. The ratio of net NPAs to net advances stood at 4.23% as on 31 December 2015 as against 3.61% as on 30 September 2015 and 3.89% as on 31 December 2014. The bank's non-performing loan provision coverage ratio as on 31 December 2015 stood at 55.4%.
Most metal shares edged lower. Vedanta (down 0.93%), JSW Steel (down 0.81%), Hindustan Zinc (down 0.73%), National Aluminium Company (down 0.73%), Hindustan Copper (down 0.72%), Steel Authority of India (down 0.64%), NMDC (down 0.59%) and Bhushan Steel (down 0.26%), edged lower. Tata Steel (up 0.06%), Jindal Steel & Power (up 0.08%) and Hindalco Industries (up 0.29%), edged higher.
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