The News International Team
12:25pm Nikkei Update
Japanese stocks fell today, capping their worst week in six months as investor fears of slowing global growth trumped relief over a set of upbeat data from the United States.
The Nikkei average lost 1.4 percent to close at 14,532.51. Over the week it has shed 5 percent.
Exporter shares underperformed, with Toyota Motor Co slipping 2.5 percent and Panasonic Corp losing 0.9 percent.
The broader Topix dropped 1.5 percent to 1,177.22, while the new JPX-Nikkei Index 400 slid 1.6 percent to 10,712.64, reports Reuters.
12:00pm Market Check
It’s another choppy session on Dalal Street but the market bounced back from session lows. The Sensex climbed above 26000 level, up 71.74 points at 26071.08 and the Nifty jumped 21 points to 7769.20.
TCS tanked more than 7 percent after the IT major missed street estimates. Dollar revenue at USD 3.9 billion felt shy of estimates, but net profit came in-line. The management told CNBC-TV18 that softness in certain businesses may continue for 2 more quarters and that meeting FY14 growth will be difficult in FY15.
HCL Technologies slipped almost 8 percent. Dollar revenue for the first quarter came in lower than the lowest estimate on the street. EBIT margin was maintained at 23.9 percent despite wage hikes. The management expects utilisation rates to improve in next few quarters.
Tata Motors, Sesa Sterlite, Hindalco Industries and Maruti Suzuki slipped 1-2 percent.
However, top private sector lender ICICI Bank, utility vehicle maker Mahindra and Mahindra, telecom operator Bharti Airtel and state-run power equipment maker BHEL extended gains in noon trade, up 2-3 percent. HDFC Bank, L&T, HDFC, SBI, Tata Steel, Wipro and Cipla climbed 1-1.7 percent.
Axis Bank gained 1.5 percent ahead of earnings. A CNBC-TV18 expects a 14 percent growth in net interest income while profit is seen rising by 18 percent in the second quarter year-on-year.