Nifty sees higher decline in percentage terms than Sensex

Key benchmark indices extended losses and hit fresh intraday low in morning trade. The 50-unit CNX Nifty hit its lowest level in more than a week. The barometer index, the S&P BSE Sensex, was currently off 132 points or 0.46% at 28,534.04. The fall in the 50-unit CNX Nifty in percentage terms was higher than the decline in Sensex. The Nifty was currently off 63.15 points or 0.73% at 8,643.55. The market breadth indicating the overall health of the market was negative.

Index heavyweight Reliance Industries (RIL) rose in volatile trade ahead of its Q4 March 2015 results today, 17 April 2015. Shares of IT major TCS fell after announcing disappointing Q4 results after trading hours yesterday, 16 April 2015. Shares of many other IT stocks fell after disappointing Q4 results from TCS.

Meanwhile, Finance Minister Arun Jaitley yesterday, 16 April 2015, signaled that the government is unlikely to intervene with regard to income tax notices directing payment of Minimum Alternate Taxation (MAT) by foreign institutional investors (FIIs) for past years.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 214.36 crore yesterday, 16 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 432.27 crore yesterday, 16 April 2015, as per provisional data.

In overseas markets, Asian stocks were mixed today, 17 April 2015. US stocks closed slightly lower yesterday, 16 April 2015, as investors digested a mixed batch of economic reports.

In the foreign exchange market, the rupee edged lower against the dollar.

Brent crude oil futures edged lower.

At 10:16 IST, the S&P BSE Sensex was down 132 points or 0.46% at 28,534.04. The index lost 147.68 points at the day's low of 28,518.36 in morning trade. The index gained 30.15 points at the day's high of 28,696.19 at onset of the day's trading session.

The CNX Nifty was down 63.15 points or 0.73% at 8,643.55. The index hit a low of 8,638.25 in intraday trade, its lowest level since 7 April 2015. The index hit a high of 8,699.85 in intraday trade.

The market breadth indicating the overall health of the market was negative. On BSE, 1,074 shares fell and 798 shares rose. A total of 86 shares were unchanged.

The BSE Mid-Cap index was off 81.14 points or 0.74% at 10,911.88. The BSE Small-Cap index was off 73.10 points or 0.62% at 11,719.64. The fall in both these indices was higher than the Sensex's decline in percentage terms.

The total turnover on BSE amounted to Rs 1144 crore by 10:15 IST compared with turnover of Rs 386 crore by 09:25 IST.

Index heavyweight Reliance Industries (RIL) rose 1.04% to Rs 937.05 ahead of its Q4 March 2015 results today, 17 April 2015. The stick hit high of Rs 943.80 and low of Rs 935 so far during the day.

Shares of IT major TCS fell after announcing disappointing Q4 results after trading hours yesterday, 16 April 2015. The stock was off 4.11% at Rs 2,479. The stock hit high of Rs 2,561 and low of Rs 2,472.50.

TCS' consolidated net profit excluding one time special employee reward rose 8.35% to Rs 5773 crore on 1.14% decline in income from operations to Rs 24220 crore in Q4 March 2015 over Q3 December 2014. TCS' bottom line during the quarter was boosted by 76.39% surge in other income to Rs 1136 crore in Q4 March 2015 over Q3 December 2014. The result was announced after market hours yesterday, 16 April 2015.

TCS' reported net profit during the quarter fell sharply due to one time special employee reward of Rs 2628 crore in Q4 March 2015. Consolidated net profit dropped 30.31% to Rs 3713 crore in Q4 March 2015 over Q3 December 2014. TCS said that it will pay employees a special reward or one-time bonus to mark the 10th anniversary of the company's initial public offering in 2004. For the company, the total consideration for this special reward to employees will be Rs 2628 crore.

Looking forward to financial year (FY) 2015-16, CEO and MD of TCS N. Chandrasekaran said that the company's investments in platforms, digital and automation are gaining traction with clients and together with its market investments in USA, Europe and Japan, the company is upbeat that the coming quarters will bring more opportunities for TCS to partner with customers across multiple industries.

TCS said that the board of directors of the company at its meeting held on 16 April 2015 has recommended a final dividend of Rs 24 per share for the year ended 31 March 2015 (FY 2015).

Infosys (down 0.85%), Wipro (down 2.02%), HCL Technologies (down 1.12%), Oracle Financial Services Software (down 0.63%), Tech Mahindra (down 2.77%), Hexaware Technologies (down 1.74%) and MphasiS (down 1.13%) declined.

MindTree fell 4.19%. On a consolidated basis, the company's net profit rose 8.6% to Rs 128.70 crore on 0.7% rise in revenue to Rs 918.10 crore in Q4 March 2015 over Q3 December 2014. The result was announced after market hours yesterday, 16 April 2015. MindTree's net profit rose 19% to Rs 536.30 crore on 17.5% increase in revenue to Rs 3561.90 crore in the year ended March 2015 over the year ended March 2014.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.375, compared with closing of 62.30 during the previous trading session.

Brent crude oil futures edged lower. Brent for June settlement was off 53 cents at $63.45 a barrel. The contract had gained 66 cents or 1.04% to settle at $63.98 a barrel during previous trading session.

Asian stocks were mixed today, 17 April 2015. Key benchmark indices in Indonesia, Singapore, Taiwan and Japan fell by 0.02% to 0.97%. Key benchmark indices in China, South Korea and Hong Kong rose by 0.15% to 2.06%.

Singapore's key non-oil domestic exports unexpectedly surged in March due to growth in both electronics and non-electronic shipments. Exports of goods made in Singapore rose 18.5% in March compared with a year earlier, after falling 9.7% in February, trade promotion agency International Enterprise Singapore said today, 17 April 2015.

Trading in US index futures indicated that the Dow could fall 25 points at the opening bell today, 17 April 2015. US stocks closed slightly lower yesterday, 16 April 2015 as investors digested a mixed batch of economic reports.

US economic data released yesterday, 16 April 2015 showed housing starts rose far less than expected in March and factory activity in the mid-Atlantic region grew modestly this month, suggesting the economic momentum will probably not be strong enough for the Federal Reserve to decide to start raising interest rates as early as June.

Meanwhile, Greek Prime Minister Alexis Tsipras yesterday, 16 April 2015 reportedly said that he was "firmly optimistic" his government would reach an agreement with its creditors by the end of April despite friction over issues such as pension and labour reform. Greece needs to strike a deal within the next few months to secure billions of euros in bailout aid to avoid defaulting on its debts and potentially exiting the euro.

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