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Major Asian stock markets have opened the day on a positive note with the stock market in Taiwan is trading higher by 0.5%. Benchmark indices in Europe ended their previous session in red with stock markets in France ending the day lower by 0.3%. The rupee is trading at 67.06 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 130 points (up 0.5%) and the NSE Nifty is trading higher by 35 points. While, both BSE Mid Cap and BSE Small Cap are trading higher by 0.4% each.

Major sectoral indices have opened the day on a positive note. Stocks from <>capital goods and <>auto sector are witnessing buying interest.

As per an article in Livemint, Infosys reported its results for the quarter ended June 2016. The revenues in dollar terms grew by 2.2% QoQ to US$ 2.5 billion for the June quarter. The revenue growth underperformed the company's expectation. This was mainly on account of the weak performance of its consulting practice division. This division, which accounts for 32% of the company's revenues posted a sequential decline of 1.13% during the quarter.

Further, the company has lowered its dollar revenue growth forecast for the fiscal year 2017. This led to the stock correcting by 8.8% in Friday's trade. The growth forecast was revised to 10.8-12.3% in the fiscal year 2017, against the earlier expectation of 11.8-13.8%.

Net profits too declined by 4.1% QoQ to US$ 0.5 billion for the June quarter. Attrition rate also shot up during the quarter to 15.8% as compared to 12.6% at the end of March. We have put up a detailed result analysis of this quarter's result coupled with our current view on the stock. Click here to access it.

In another news update, participatory notes (P-notes) have lost some of its appeal in the past few years.

P-notes are also known as offshore derivative instruments. They are issued by SEBI registered foreign portfolio investors (FPIs) to other overseas entities that are looking for an exposure to Indian markets without getting registered directly. This helps them to save on costs and time on procedures.

According to data provided by SEBI, P-notes accounted for more than 45% of the total foreign investment that came into the Indian markets in 2007. Currently, this ratio has fallen below 10%.

Recently, SEBI has made it compulsory for P-note holders to follow Indian KYC (know-your-customer) and anti-money laundering laws. To add to this, the regulator has issued curbs on the transferability of P-notes between foreign investors. Further, plunging of loopholes in the tax treaty between India and countries such as Mauritius and Singapore has also led to diminishing interest in the P-notes.

A clampdown on the black money issue has been one of the prime focuses of the Modi government and reduction in exposure to the participatory notes will help the government to achieve this.

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