Sensex Opens Flat, TCS Shares Surge On Better-Than-Expected Earnings

Indian markets opened flat today amid weak global cues. The Sensex was down marginally at 34,415 while Nifty edged lower to 10,557. TCS shares rose over 3 per cent after posting better-than-expected Q4 results. Asian shares slipped on Friday as a warning on smartphone demand from the world's largest contract chipmaker slugged the tech sector, while high oil prices stirred inflation fears and undermined sovereign bonds. Taiwan Semiconductor Manufacturing cut its revenue target to the low end of forecasts and blamed softer demand for smartphones.

Taiwan's main index slid 1.4 percent with techs sinking 3.5 percent and TSMC off more than 5 percent. Stocks in South Korea took a 0.3 percent dip, with the tech sector losing 1.6 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.8 percent, again led by a 0.7 percent fall in technology.

Japan's Nikkei recouped early losses to rise 0.1 percent as gains in energy and financials outweighed the drop in tech.

Wall Street had also been hit by weak results from tobacco company Philip Morris, which sent its shares down as much as 17.7 percent and dragged on the S&P 500. The Dow ended down 0.34 percent, while the S&P 500 lost 0.57 percent and the Nasdaq 0.78 percent.

Oil prices were creeping up again after hitting their highest since late 2014 on drawdowns in global supply and as Saudi Arabia looks to fatten its export revenue.

On the radar later in the day will be IMF and World Bank meetings in Washington where free trade and protectionism is certain to be high on the agenda along with Sino-U.S. tensions. (With Agency inputs)