The Indian equity markets are trading near day's low and both the benchmark indices were witnessing persistent selling across heavyweights. Sensex slipped over 150 points while Nifty holding the 4,900 level. Markets gathered more fears about the global economic situation on Japan's credit rating downgraded by the Moody's. Investors remained cautious on worries about slowing economic growth and declining margins of corporate houses earning due to high interest rates. On sectoral front technology stocks caused market to slip into the red again, with the sectoral index falling 1.6%. Metal, power and FMCG stocks were trading weak, while only consumer durable sector edging higher. Automobile stocks paired all its early gains and trading weak now. Oil & gas, reality and healthcare stocks also lost the support and slipped into red. Jharkhand Pollution board ordered closure of mining in 22 mines of Coal India arm and wage negotiation dragged down Coal India by 2.16%. However, Anil Dhirubhai Ambani Group's stocks were on buyers' radar. Reliance Communications, Reliance Capital and Reliance Infrastructure rose 1-3%. On the global front, Asian markets were trading in mixed. In the early hours weakness was largely due to Moody's Investors Service cutting the rating of Japan's government debt by a single notch to Aa3. Moody's said large budget deficits and frequent changes in Japan's government have hurt its ability to resolve the debt issue. Back home, the market breadth favoring positive trend; there were 1,455 shares on the gaining side against 982 shares on the losing side while 106 shares remained unchanged.
The BSE Sensex is currently trading at 16,348.13 down by 150.34 points or 0.91%. The index has touched a high and low of 16,533.22 and 16,325.61 respectively. There were 8 stocks advancing against 22 declines on the index.
The broader indices are trading firm and BSE Mid cap index was up by 0.18%, while Small cap index was up by 0.42%.
The only gaining sectoral index on the BSE was, CD up by 0.14%. While, IT down by 1.60%, TECk down by 1.24%, Metal down by 1.16%, Auto down by 0.73% and Bankex down by 0.65% were the top losers on the index.
The top gainers on the Sensex were Hindustan Unilever up by 0.85%, Cipla up by 0.80%, DLF up by 0.36%, HDFC up by 0.27% and Hindalco Industries up by 0.27%.
On the flip side, Tata Power down by 3.76%, Jindal Steel down by 3.73%, TCS down by 2.22%, Coal India down by 2.16% and Tata Steel down by 1.94% were the top losers on the Sensex.
Meanwhile, regardless of economic uncertainties in the United States and European nations, India's software industry body NASSCOM is certain of a 16-18% growth rate of the country's information technology (IT) industry in the current financial year. In terms of revenue, the IT sector is expected to generate around $68-70 billion in the current fiscal year. The domestic IT market is also expected to grow by 15-17% by generating revenues around $19-20 billion.
The NASSCOM president Som Mittal said, 'there is no reason for us to be worried. We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market.' The Indian IT industry mainly outsources its services to US and European Nations, and it was anticipated that the economic uncertainties in western economies will have an adverse impact.
For the business process outsourcing (BPO) industry, NASSCOM expects India to maintain its dominating position, with 70% share of the $2.9 billion global industry. The BPO sector provides employment to more than 70,000 people in more than 100 firms. During last decade, the sector has registered 16 times in size and in 2010-11, it touched $16.9 billion (including domestic), and the industry is also helping Indian economy to grow by providing direct and indirect employment, which is estimated to be around 4.5 million.
In fact, India is leading BPO hub, accounting for more than 37% of the total global sourcing BPO revenue, followed by Canada and Philippines. However, experts are worried over increasing competition from China and Philippines. However, along with the increased competition from China and Philippines, other factors such as, lower profitability, billing rates, fiscal incentives and data security will also have an adverse impact on the growth of the sector.
As per the Nasscom-Crisil report, 'India Knowledge Services Industry', led by financial services and healthcare, the knowledge services outsourcing industry in India is expected to grow at a 22.2% CAGR over FY2010-15 to a $5.6 billion market. While business research would continue to be the most widely adopted service-line with a 39.4% share, representing a $2.2 billion opportunity, the share of data analytics is expected to increase from 18.5% to 20.6% ($1.15 billion).
The S&P CNX Nifty is currently trading at 4,905.10, lower by 43.80 points or 0.89%. The index has touched a high and low of 4,962.40 and 4,900.10 respectively. There were 14 stocks advancing against 35 declines on the index and one remained unchanged.
The top gainers of the Nifty were Reliance Capital up by 3.00%, RCom up by 1.89%, Reliance Infra up by 1.14%, Ranbaxy up by 0.92% and Cipla up by 0.64%.
On the flip side, Tata Power down by 3.91%, Jindal Steel down by 3.88%, TCS down by 2.52%, Tata Steel down by 2.10% and Infosys down 1.75% were the major losers on the index.
The BSE Sensex is currently trading at 16,348.13 down by 150.34 points or 0.91%. The index has touched a high and low of 16,533.22 and 16,325.61 respectively. There were 8 stocks advancing against 22 declines on the index.
The broader indices are trading firm and BSE Mid cap index was up by 0.18%, while Small cap index was up by 0.42%.
The only gaining sectoral index on the BSE was, CD up by 0.14%. While, IT down by 1.60%, TECk down by 1.24%, Metal down by 1.16%, Auto down by 0.73% and Bankex down by 0.65% were the top losers on the index.
The top gainers on the Sensex were Hindustan Unilever up by 0.85%, Cipla up by 0.80%, DLF up by 0.36%, HDFC up by 0.27% and Hindalco Industries up by 0.27%.
On the flip side, Tata Power down by 3.76%, Jindal Steel down by 3.73%, TCS down by 2.22%, Coal India down by 2.16% and Tata Steel down by 1.94% were the top losers on the Sensex.
Meanwhile, regardless of economic uncertainties in the United States and European nations, India's software industry body NASSCOM is certain of a 16-18% growth rate of the country's information technology (IT) industry in the current financial year. In terms of revenue, the IT sector is expected to generate around $68-70 billion in the current fiscal year. The domestic IT market is also expected to grow by 15-17% by generating revenues around $19-20 billion.
The NASSCOM president Som Mittal said, 'there is no reason for us to be worried. We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market.' The Indian IT industry mainly outsources its services to US and European Nations, and it was anticipated that the economic uncertainties in western economies will have an adverse impact.
For the business process outsourcing (BPO) industry, NASSCOM expects India to maintain its dominating position, with 70% share of the $2.9 billion global industry. The BPO sector provides employment to more than 70,000 people in more than 100 firms. During last decade, the sector has registered 16 times in size and in 2010-11, it touched $16.9 billion (including domestic), and the industry is also helping Indian economy to grow by providing direct and indirect employment, which is estimated to be around 4.5 million.
In fact, India is leading BPO hub, accounting for more than 37% of the total global sourcing BPO revenue, followed by Canada and Philippines. However, experts are worried over increasing competition from China and Philippines. However, along with the increased competition from China and Philippines, other factors such as, lower profitability, billing rates, fiscal incentives and data security will also have an adverse impact on the growth of the sector.
As per the Nasscom-Crisil report, 'India Knowledge Services Industry', led by financial services and healthcare, the knowledge services outsourcing industry in India is expected to grow at a 22.2% CAGR over FY2010-15 to a $5.6 billion market. While business research would continue to be the most widely adopted service-line with a 39.4% share, representing a $2.2 billion opportunity, the share of data analytics is expected to increase from 18.5% to 20.6% ($1.15 billion).
The S&P CNX Nifty is currently trading at 4,905.10, lower by 43.80 points or 0.89%. The index has touched a high and low of 4,962.40 and 4,900.10 respectively. There were 14 stocks advancing against 35 declines on the index and one remained unchanged.
The top gainers of the Nifty were Reliance Capital up by 3.00%, RCom up by 1.89%, Reliance Infra up by 1.14%, Ranbaxy up by 0.92% and Cipla up by 0.64%.
On the flip side, Tata Power down by 3.91%, Jindal Steel down by 3.88%, TCS down by 2.52%, Tata Steel down by 2.10% and Infosys down 1.75% were the major losers on the index.
The Asian markets continue to trade mixed; Shanghai Composite was up 0.04%, Jakarta Composite was up by 0.10% and KLSE Composite was up by 0.25%. On the other hand Hang Seng was down by 1.23%, Nikkei 225 was down by 1.01%, Straits Times was down by 0.56%, Seoul Composite was down by 1.11% and Taiwan Weighted was down by 0.63%
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