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Indian Markets Slip Into the Red
Thu, 28 Apr 11:30 am

After opening the day on a flattish note, the Indian indices registered losses and went on to trade in the negative territory. Sectoral indices are trading on a discouraging note with stocks from the FMCG, IT and auto sector witnessing maximum selling pressure.

The BSE Sensex is trading down 193 points (down 0.7%) and the NSE Nifty is trading down 47 points (down 0.6%). The BSE Mid Cap index is trading down by 0.1% and the BSE Small Cap index is trading down 0.3%. The rupee is trading at 66.44 to the US$.

The US Federal Reserve kept benchmark rates untouched in its two-day meeting ended yesterday. However, it kept the door open for a hike in its upcoming meeting in June.

The Fed stated that it was closely watching inflation and the global economic headwinds. It further noted that labour market conditions have improved even as growth in economy activity appears to have slowed. Speaking of labour markets, Asad Dossani, editor, Profit Hunter says that one American job is worth more than ten Chinese jobs.

Further, the committee said that inflation has continued to run below the Fed's 2% target, and market-based measures of inflation compensation remain low. The central bank has signaled faith in the US economy, unlike in the previous meeting where it highlighted the global financial risks to the US economy. A slowdown in China and falling oil prices have weighed on the Fed's past decisions, but appeared to be less important this time around.

Last month, the US Fed not only left the rates untouched but also signalled that it would expect to raise its benchmark rate just twice this year. This was against the four interest rate hikes this year the Fed predicted earlier. All eyes will now be focused on Fed's next meeting scheduled on June 14-15.

Stocks in the information Technology space are trading on a negative note with HCL Technologies and Info Edge leading the losses.

HCL Technologies has announced its third quarter results for FY16 (the company has a June year ending).

The company posted net profit of Rs 19 billion, up by 0.3% QoQ (quarter-on-quarter) for the quarter ended March 2016. Rupee revenue for the quarter climbed 3.4% QoQ at Rs 106 billion. in dollar terms, revenue was up 1.3% QoQ.

Region wise, America business grew 3.7%, rest of the world business rose 1.3% but Europe slipped 2.4% on a QoQ basis.

Gross margin rose marginally to 34.9% in the third quarter from 34.6% last quarter. Attrition rate, or employees leaving the company, rose to 17.3% compared with 16.7% last quarter. HCL reported gross addition of 9,280 employees in the quarter ended 31 March 2016.

Presently the stock of the company is trading down by 3.6%.

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Mar 22, 2018 11:47 AM