Barring the stock market in China (up 1.06%), most of the major Asian stock markets have opened the day on a weak note. Japan (down 3%) and Taiwan (down 1.2%) are leading the pack of losers. The Indian markets have also opened in the red with auto and oil and gas sectors witnessing maximum selling pressure.
BSE-Sensex is currently trading lower by about 91 points (down 0.33%), while the NSE-Nifty is down by about 26 points (down 0.33%). The Midcaps too opened the day on weak note, down by 0.04%. However small caps have opened the day on a positive note, up by 0.14%. The rupee was trading at Rs 61.75 to the dollar.
As per a financial daily, the exports during the month of December declined after the rise seen during November. The decline during December was largely attributable to outbound shipments, which fell 3.8% YoY. Exports had contracted in October by about 5% but then rose 7.3% in November from a year earlier. However, even imports for the month of December fell by 4.8%. Consequently, the trade deficit has improved, and was lowest in the current financial year.
IT stocks have opened the day on a firm note led by Hexaware Technologies, Wipro and Mphasis. India's largest software firm, Tata Consultancy Services (TCS) has announced its third quarter results for financial year 2014-2015 (3QFY15). The company reported a 2.9% quarter-on-quarter (QoQ) growth in its consolidated sales. In the constant currency terms, sales grew by 2.5% QoQ. The operating performance was good. The operating margin improved marginally by 0.2% QoQ to 28.8% during the quarter. On an absolute basis, the operating profits grew 3.6% QoQ. Net profits were up by 1.6% QoQ. The company has declared an interim dividend of Rs 5 per share. The record date is 28th Jan 2015 and the payout date is 9th Feb 2015.