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Indian Markets Extend Losses
Tue, 12 Jan Closing

Indian markets finished today's trading session in the red for the second consecutive trading day on account of persistent selling pressure across sectoral indices except the consumer durables sector. The BSE Sensex fell over 143 points, while the NSE Nifty fell over 54 points. The banking sector was the worst performing sector as it fell nearly 1.8%. S&P BSE MidCap and S&P BSE SmallCap, too suffered losses during today's session as both the indices finished lower by 1%.

Asian markets seesawed on Tuesday, with China stocks closing slightly higher after opening the week with huge losses as investors were wary about Beijing's economic policies and slowing economy. The Shanghai Composite was choppy before ending the day in the positive territory with a 0.2% gain. Meanwhile, Japanese stocks slipped 2.7% weighed down by plunging crude oil prices. European markets are broadly trading higher today with shares in Germany leading the region. The DAX is up 1.45%, while France's CAC 40 is up 1.08% and London's FTSE 100 is up 0.49%. The rupee was trading at 66.89 against the US$ in the afternoon session.

Software stocks languished in the red today with TCS and HCL Technologies bearing majority of the brunt. NIIT Technologies has reportedly been selected as a strategic partner by Ofcom, the UK's communications regulator. NIIT Technologies will help Ofcom manage its infrastructure and application systems and offer a customer focused service to improve the users' experience of ICT services. The value of the contract is GBP 23 million over a six-year period, which includes an initial term of 4 years and extensions.

As a strategic partner, NIIT Technologies will implement a dedicated service delivery model and new service management processes and tools. Key services will include the service desk, data centre services, application management and project management.

NIIT Technologies is a leading global IT solutions organization, servicing customers in Americas, Europe, Middle East, Asia and Australia. The script of NIIT Technologies finished the trading day on an encouraging note (up by 2.8%) on the BSE. The stock price of the company has increased (Subscription Required) by 17% in the last three months.

According to a leading financial daily, consumer inflation probably edged up for the fifth straight month in December driven by higher food prices. Retail inflation has been picking up since August, mainly due to a surge in prices of items like lentils. This complicates the central bank's task of steering monetary policy at a time of international deflation.

Reportedly, the government has revised its economic growth target to 7-7.5% for the fiscal year that ends on 31 March from an earlier estimate of 8.1-8.5%, due to weak farm output and declining exports. A drought in many parts of the country for the second year has hit production of rice, sugar, cotton and other crops, forcing the government to resort to imports to tame prices.

Consumer prices likely rose 5.6% in December from a year earlier. Industrial output, however, slowed to 2.3% in November compared with a year earlier and from a 9.8% rise in the previous month. Infrastructure output, which accounts for more than a third of factory activity, shrank 1.3% in the year in November, its first fall in seven months.

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Feb 20, 2018 (Close)