New Delhi: Indian shares opened weak on Wednesday tracking a broader regional trend in Asia. At 9.25 am, the 30-share BSE Sensex shed 62 points at 16855 while NSE Nifty fell 16 points to 5111.
HCL Tech, the fourth largest software services exporter, shares jumped 5.3 per cent on the back of a strong growth in the quarterly net profit. Consolidated net profits rose 41.6 per cent sequentially to Rs 854 crore over Rs 602.5 crore in the March quarter, significantly higher than estimates of Rs 711 crore. The Noida-based company managed to beat estimates despite reporting a forex loss of Rs 34.63 crore.
Infosys, the second largest software services exporters, rose 0.5 per cent.
Shares of Jindal Steel fell 2.4 per cent as the company recently pulled out of an ambitious $ 2.1bn coal mining project in Bolivia. This project was critical for the company’s long-term supply of coal.
Maruti Suzuki, the biggest carmaker, fell 1.4 per cent as the lockout at a key plant in Manesar, Haryana shuts production to the tune of a third of the company’s production capacity.
Meanwhile, Asian shares fell and the euro was stuck near multi-year lows against major currencies on Wednesday as soaring borrowing costs deepened worries Spain might need a bailout, while Greece's finances appeared to fall short of terms conditional to its aid.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent after managing a small gain on Tuesday. The index tumbled 2.4 percent on Monday for its worst one-day performance in about two months.
Japan's Nikkei stock average opened down 0.9 per cent.
Risks of Spain requiring a huge financial assistance for its indebted regions, as well as banks saddled with bad loans, fanned concerns of a contagion to other fiscally challenged countries, sending Italy's benchmark stock market down to its lowest level since the euro's launch on Tuesday.
HCL Tech, the fourth largest software services exporter, shares jumped 5.3 per cent on the back of a strong growth in the quarterly net profit. Consolidated net profits rose 41.6 per cent sequentially to Rs 854 crore over Rs 602.5 crore in the March quarter, significantly higher than estimates of Rs 711 crore. The Noida-based company managed to beat estimates despite reporting a forex loss of Rs 34.63 crore.
Infosys, the second largest software services exporters, rose 0.5 per cent.
Shares of Jindal Steel fell 2.4 per cent as the company recently pulled out of an ambitious $ 2.1bn coal mining project in Bolivia. This project was critical for the company’s long-term supply of coal.
Maruti Suzuki, the biggest carmaker, fell 1.4 per cent as the lockout at a key plant in Manesar, Haryana shuts production to the tune of a third of the company’s production capacity.
Meanwhile, Asian shares fell and the euro was stuck near multi-year lows against major currencies on Wednesday as soaring borrowing costs deepened worries Spain might need a bailout, while Greece's finances appeared to fall short of terms conditional to its aid.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent after managing a small gain on Tuesday. The index tumbled 2.4 percent on Monday for its worst one-day performance in about two months.
Japan's Nikkei stock average opened down 0.9 per cent.
Risks of Spain requiring a huge financial assistance for its indebted regions, as well as banks saddled with bad loans, fanned concerns of a contagion to other fiscally challenged countries, sending Italy's benchmark stock market down to its lowest level since the euro's launch on Tuesday.
