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Markets open on a weak note
Fri, 17 Apr 09:30 am

Global markets are trading on a mixed note. While the Japanese stocks are trading with losses of 1%, Chinese and Hong Kong stocks are trading with gains of over 2% and 0.5%, respectively. Taiwan stocks are trading with losses of 0.9% while Korean markets are trading with marginal gains of 0.2%. The European stocks got battered yesterday on profit taking. While the German equities tanked nearly 2%; France's CAC and UK's FTSE fell nearly 0.6% each. The US Stocks traded on a mixed note as a slew of data was revealed during yesterday's trading session. Among many economic indicators, industrial production fell 0.6% while NY Empire State manufacturing Index fell to -1.19.

Indian markets started today's trading session on a weak note as investors became wary of weak results. While the BSE-Sensex is trading with losses of over 40 points, NSE-Nifty is trading with losses of nearly 35 points. The IT sector has been the recipient of maximum selling as TCS posted result that could not impress investors. Barring few sectors like oil and gas which are trading with moderate gains, almost all the sectors are trading with losses. S&P BSE Midcap and S&P BSE Smallcap companies are trading with marginal losses with respective indices losing 5 points and 20 points respectively.

Commodities, too, are trading on a mixed note as gold prices, per 10 grams, fell 0.34% or Rs 92 while silver prices, per kilogram, fell 0.26% or Rs 94. Gold prices are available at Rs 26,645 levels while silver prices are available at Rs 36,500 levels. Crude oil prices, per barrel, gained 1.8% or Rs 63 and are available at Rs 3,559 levels. The value of Indian Rupee gained 0.10% or 0.06 and is currently available at Rs 62.36.

Against the estimates, results of the largest IT Company in India, Tata Consultancy Services fell 30.7% to Rs 37.12 bn. The consolidated net profit of the company came in at Rs 53.57 bn for the quarter. For the fiscal, TCS posted an income of Rs 253.55 bn compared to last year's figure of Rs 222.71 bn, up 13.8% YoY. The company also announced that it would pay out one-time bonuses to the tune of Rs 26.28 bn as it completed a decade of its services. The company has also announced a dividend of Rs 24 for every equity share held. Mindtree, another IT company reported profits that increased 31%. Shares of TCS tanked over 2% while share price of Mindtree fell nearly 1.8%.

Bharat Heavy Electricals Limited (BHEL) has opened with moderate gains. The company has revealed that it commissioned a 2400 MW OP Jindal Power Thermal Project. The company commissioned this power plant in the state of Chhattisgarh. It has also commissioned three units in last three months. The commissioning involves engineering, design, manufacturing, supply, erection and testing of steam turbine generators and boilers.

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Jan 23, 2018 12:05 PM