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Indian stock markets open weak
Wed, 18 Jul 09:30 am

The Asian equity markets have opened the day on a mixed note with market indices in Hong Kong (down 0.7%), South Korea (down 0.6%) and Taiwan (down 0.6%) leading the losses in the region. However, market indices in Japan (up 0.2%), Indonesia (up 0.3%) and Malaysia (up 0.2%) were trading in green. The Indian stock market indices have opened the day on a weak note. The sectoral indices are trading mixed with Pharma and Oil and gas sector witnessing maximum gains and Auto and consumer durables trading weak.

The Sensex today is down by around 16 points (0.1%) and the NSE-Nifty is down by around 4 points (0.1%). Both Mid cap and Small Cap stocks are trading in the red with the BSE Mid Cap index and BSE Small Cap index down by around 0.2% and 0.1% respectively. The rupee is trading at Rs 55.05 to the US dollar.

Software stocks have been trading mixed with InfoEdge and Tata Consultancy Services (TCS) leading the pack of gainers and Moser Baer India and CMC Ltd. trading weak. As per a leading financial daily, TCS has bagged a multi-year outsourcing deal from Scandinavian Airlines (SAS). The deal gives further push to company's non linear strategy. As per the deal, SAS will adopt finance and accounting (F&A) platform of TCS for its operations across 30 nations. The platform will offer pre-built and pre-configured financial processes and will be provisioned through a Cloud computing model. TCS has refused to disclose the value of the deal. It will be paid by SAS on accuracy, timeliness and financial gains that SAS accrues over the duration of the deal.

Power stocks are trading mixed with KSK Energy and Neyveli Lignite leading the pack of gainers and Gujarat Industries Power Ltd and GVK Power &Infrastructure Ltd trading weak. As per a leading financial daily, Tata Power is considering to raise upto Rs 10 bn through the sale of bonds to domestic investors. The move follows a downgrade by rating agency S&P that suggested that the company's ability to raise funds could be affected as it had breached covenants on loans to its Mundra project. The company is planning to use the funds for ongoing expansion at its Mundra project in Gujarat, which is housed in a 100%-subsidiary called Coastal Gujarat Private Limited. As per the company sources, the company will proceed only if the terms are favorable with regards to coupon rate, especially after the ratings downgrade.

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