Profit booking, negative global cues subdue equity markets

Mumbai, April 1 (IANS) Profit booking, coupled with negative global cues and caution ahead of key macro-economic data, plunged the Indian equity markets on Friday.

Consequently, both the key indices of the Indian equity markets traded deep in the red during the late-afternoon session.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) traded in the negative territory. It receded by 40 points or 0.51 percent, at 7,698.75 points.

The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 25,301.70 points, traded at 25,231.79 points (at 2.45 p.m.) — down 110.07 points or 0.43 percent from the previous day’s close at 25,341.86 points.

During the intra-day trade, the Sensex touched a high of 25,354.94 points and a low of 25,119.35 points.

In contrast, the BSE market breadth favoured bulls — with 1,587 advances and 822 declines.

The barometer index had closed flat on Thursday. It inched up a mere 3.28 points or 0.01 percent.

Initially, both the key indices of the Indian equity markets opened on a negative note, in-sync with their Asian peers, especially the Chinese and Japanese exchanges.

Market observers cited that equity markets were dragged lower by profit booking and negative global indices.

Besides, upcoming US non-farm payrolls data and key domestic macro economic data deterred investors from chasing prices.

In addition, weak crude oil prices due to supply side issues dented sentiments.

However, key indices tried to pare their losses on the back of strong foreign funds inflow and hopes of a rate cut by the Reserve Bank of India (RBI).

“Profit booking and caution ahead of key global and domestic macro economic data deterred investors from chasing prices,” Anand James, chief market strategist, Geojit BNP Paribas Financial Services, told IANS.

“Negative global indices in Europe and Asia, too, dented sentiments.”

Nitasha Shankar, senior vice president for research with YES Securities said that: “April series commenced on a tepid note following double digit gains in the previous series.”

“Broader markets, however, traded in the green outperforming the headline indices as buying in the high beta stocks continued.”

Shankar noted that PSU (public sector undertaking) banks, reality and FMCG (fast moving consumer goods) sectors gained, while other major sectors witnessed minor profit booking.

Vaibhav Agarwal, vice president and research head at Angel Broking, pointed out: “With the F&O (futures and options) expiry behind us, expectations of a 25 basis points cut in the upcoming monetary policy could cheer the markets in the near term.”

“Global markets would tend to react to US macro data for further cues on the rate hike ahead of the FOMC (federal open market committee) meet. With the results season beginning next week, earnings growth would be a key trigger for the markets over the coming days,” Agarwal added.

F-Secure offers new protection service for businesses

New Delhi, April 1 (IANS) As part of its holistic new approach towards cyber security, Finland-based online security and privacy company F-Secure has released its flagship endpoint security solution that will provide a better web security for businesses.

The “Protection Service for Business” includes new web security (endpoint security) features and a redesigned management portal that is much more efficient for administrators, the company said in a statement.

Endpoint security refers to a methodology of protecting the corporate network when accessed via remote devices such as laptops or other wireless and mobile devices.

“Our approach with ‘Protection Service for Business’ is based on the fact that there is no one silver bullet to keep a business safe. There is not just one technology that will do the job every time,” said Samu Konttinen, executive vice president, corporate security at F-Secure.

“Cyber threats use various attack methods and vectors, and businesses need a host of technologies that work together, backing each other up to protect the enterprise. With Protection Service for Business, all the components are together in one package,” Konttinen added.

The new service, which will be offered as a managed service through reseller partners, is a completely redesigned cloud-enabled management portal that is much more intuitive to use.

Customers and partners will notice quicker, more efficient management, with better user flows and fewer clicks.

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