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10:45 am PwC survey: The confidence level of chief executives worldwide about growth prospects of their own companies has fallen but Indian CEOs are among the most confident, says a new survey.
India has also become one of the five most promising overseas markets for the businesses globally, according to the annual global CEO survey of consultancy giant PwC released here at the WEF Annual Meeting.
The confidence level among Indian CEOs remains higher than the global average although they have also become less confident since last year about the growth prospects of their own companies.
As per the findings, CEOs are less optimistic about prospects this year and those who think global growth would improve over the next 12 months have declined to 27 percent from 37 percent seen in 2015. Further, those who think the situation would worsen have increased to 23 percent from 17 percent.
10:30 am Interview: Ganesh Natarajan, Vice Chairman and CEO of Zensar Technologies cited seasonality, weakness in the enterprise business and revenue loss of nearly USD 2.5 million due to customer furloughs as the three key reasons for the company’s muted third quarter (Q3) FY16 performance.
On Tuesday, Zensar reported 1.4 percent quarter-on-quarter decline in dollar revenue at USD 114.8 million for Q3FY16 compared USD 116.4 million.
Natarjan, however, pointed out that he is excited about the strong performance of the company’s digital business. "Our digital business performance has been spectacular with deal size increasing gradually. We are currently executing a deal of USD 20 million,” he added.
He highlighted that currently 20 percent of their pipeline is linked to digital and this is going to increase to 30 percent within the next 2 quarters.
10:15 am Oil Update: Crude futures slumped again today, with US oil falling to its lowest since September 2003 below USD 28 a barrel on worries over a global supply glut.
That came as the International Energy Agency, which advises industrialised countries on energy policy, warned on Tuesday that oil markets could "drown in oversupply".
US crude futures were trading down 79 cents at USD 27.67 a barrel and Brent crude declined 1.5 percent to USD 28.32 a barrel.
Also read - Axis Bank Q3 profit seen up 6.3%, loan growth may be strong
10:00 am Market Check: The market continued to be under selling pressure in morning trade following global weakness. All sectoral indices traded in red with the Nifty Energy, Bank and Metal falling more than 2 percent.
The 30-share BSE Sensex fell 379.90 points or 1.55 percent to 24099.94 and the 50-share NSE Nifty declined 118.10 points or 1.59 percent to 7317. The BSE Midcap and Smallcap indices lost more than 1.6 percent.
The market breadth was negative as more than six shares declined for every share advancing on the Bombay Stock Exchange.
Asian stocks slid with Nikkei and Hang Seng declining by more than 3 percent, as global sentiment remained low on concerns over economic growth, China and low oil prices. Shanghai Composite slipped below 3000 level, down more than 1 percent.
The International Monetary Fund (IMF) cut its global growth forecast for 2016 to 3.4 percent, from 3.6 percent. The organization cited slower growth in emerging markets, especially in China, falling commodity prices, and rising interest rates in the US as potential risks to global growth.
Nifty cracks below 7,000, hits fresh 52-week low; Sensex breaks
Sensex falls, Nifty below 6950; Midcap cracks, TeamLease up 16