After opening in the green, the Indian markets have drifted well into the red in the morning session. All sectoral indices except the energy index is trading lower.
The BSE-Sensex is down by 176 points (0.64%) and NSE-Nifty is down by 57 points (0.68%). BSE Mid Cap index and BSE Small Cap index are trading down by 0.7% and 0.5% respectively. Gold prices, per 10 grams, have gained 0.1% or Rs 17 and are trading at Rs 26,860 levels. Silver price, per kilogram, is trading at Rs 38,370 levels having fallen 0.1% or Rs 18. Crude oil, per barrel, is trading at Rs 3,700 down Rs 11 or 0.3%. The rupee is trading at 63.83 to the US dollar.
FMCG stocks are trading in the red with Godrej Consumer Products and Lakshmi Energy being the biggest losers whereas Emami and Colgate are among the major gainers. As per a leading financial daily, Dabur is partnering with Sulabh International to promote awareness on personal hygiene and cleanliness. Under the partnership, Dabur will adopt six Sulabh public conveniences located in the slums in Delhi and undertake cleaning, maintaining, sanitation and hygiene checks at these locations. This is in line with large social initiatives announced by Hindustan Unilever and Reckitt Benckiser to promote personal hygiene and cleanliness under the Prime Minister's Swach Bharat campaign. The ideas behind these initiatives are popularizing the hygiene brands of these companies by associating them with social awareness programs. Dabur stock is currently trading down 0.6%.
Barring Infosys, most software stocks are trading negatively. HCL Tech and Wipro are the leading losers. India's fifth largest IT firm Tech Mahindra has announced the fourth quarter results for FY15. The company has reported a 39% QoQ fall in consolidated net profit due to higher employee costs and cross currency impact. The company's operating margin declined to 15.2% in the quarter. The topline however, grew 6.3% QoQ in rupee terms. Tech Mahindra is trading down 1%.