Indian markets open flat

Tue, 13 Oct 09:30 am

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The major Asian stock markets have opened the day on a negative note. Stock markets in Indonesia (down 2.5%) and Japan, (down 1%) are the top losers. Major stock indices in Europe ended their previous session in red. However the US stock market ended their previous session in green. The rupee is trading at 64.91 per US dollar.

Indian stock markets have opened the day on a flattish note. BSE-Sensex is trading lower by 32 points (down 0.1%) and NSE-Nifty is trading lower by 5 points (down 0.07%). S&P BSE Midcap and S&P BSE Smallcap have moved upwards. Both the indices are trading higher by 0.2% and 0.3% respectively. Sectoral indices have opened the day on a mixed note with stocks from engineering and pharmaceutical sector being the top gainers. However stocks from the oil and gas and information technology sector are witnessing selling pressure.

As reported in a financial daily, the Index of Industrial Production (IIP) rose to 6.4% for the month of August as compared to 4.1% in the previous month. The IIP is an index for India which details out the growth of various sectors in an economy such as mining, electricity and manufacturing.

The index was boosted on account of a pick-up in the consumable durables output. This increase is mainly on account of the festive season coming ahead. Electricity generation, mining and manufacturing output grew by 5.6% and 3.8% and 6.9% respectively. All eyes are on the earnings season to determine whether things have actually improved at the ground level or not.

Infosys Ltd, had released its September quarter results yesterday. As reported in the financial daily, the company has cut its full year revenue growth forecast in dollar terms. The firm lowered its revenue growth forecast to a range of 6.4-8.4% in dollar terms from an earlier forecast of 7.2-9.2%. However it retained its earlier growth forecast in constant currency terms for the fiscal year. The company forecasts the growth to be at 10-12% in constant currency terms.

The change in the revenue forecast is on account of slow growth in the demand. This is largely because, the company's clients have not shown much interest to spend higher on technology up-gradation. The company added 82 clients in the quarter, taking the total number of active clients to 1011. The company reported a growth of 8.9%, 22.9% in revenue and net profits on a consolidated basis.

Tanushree Banerjee, Managing editor of The Indian Letter, recently released a detailed analysis of the company's results (subscription required). In the note Tanushree explains factors driving the performance of the company in this period and what to expect going forward. If you are interested in the stock, then this is a must read!

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