Most Asian stock markets have opened the day on a subdued note with stock markets in Indonesia (down 0.7%) and South Korea (down 0.7%) leading the losses. The Indian stock markets have also opened the day on a weak note. Stocks in the metal and Information Technology (IT) space are leading the losses.
The BSE-Sensex is trading lower by 66 points (0.4%), while the NSE-Nifty is down by around 22 points (0.4%). However, mid cap and small cap stocks are trading in the green with the BSE Mid cap and BSE Small cap indices up by 0.3% each. The rupee is trading at 49.36 to the US dollar.
IT stocks have opened the day on a weak note with Tata Consultancy Services (TCS), Infosys and Tech Mahindra leading the losses. Tech Mahindra has announced its results for the quarter ended December 2011. Total revenues increased by 8.4% quarter-on-quarter (QoQ) to Rs 14.5 bn during the third of the financial year 2011-12 (3QFY12). The company witnessed an improvement in both revenue and margins. At the bottomline level, consolidated net profits rose by 14.8% QoQ to about Rs 2.8 bn. At the end of December 2011, the company's debt was about Rs 13.8 bn while cash and equivalents were Rs 3.2 bn. The company's total headcount stood at 42,746 of which 25,218 included software professionals.
Private Bank stocks have opened the day on a mixed note with Development Credit Bank (DCB) and Dhanlaxmi Bank trading firm. However, Karnataka Bank and Axis Bank are facing selling pressure. As per a leading financial daily, private sector lender Axis Bank's travel currency card has reported record sales and usage volumes of over US$ 2 bn. The travel currency card which is used for international travel allows users to top-up money in 11 different currencies by paying in rupee terms. The bank currently leads this particular segment with a 48% market share. Axis Bank had launched this card in 2003 and it had crossed the US$ 1 bn mark in 2009.