 "Markets marginally down; Wipro slips 3%")
After a range bound movement in early trades markets turned negative in late morning deals on Friday as gains in index heavyweights failed to offset most of the losses in TCS and financials.
At 11:30AM, the 30-share Sensex was down 79 points at 21,186 and the 50-share Nifty was down 16 points at 6,302.
The Indian rupee was trading slightly higher at Rs 61.42 compared with Thursday's close of Rs 61.53. During January so far, foreign institutional investors have made investments in the debt market to the tune of $2 billion, with fresh inflows into Indian banks.
The BSE IT index was the top loser among the sectoral indices on the BSE down 1.6% followed by Bankex among others. Oil and Gas was up 1.1% while Healthcare index was up 0.5%.
Among the index heavyweights, Reliance Industries was up 1.2% ahead of its third quarter results due for release after market hours today.
Infosys was trading at a new high up 1% at Rs 3,758. Infosys had recorded a margin expansion of 150 bps quarter on quarter (qoq) in December quarter was ahead of street expectations. The company had also improved its revenue guidance for the financial year from 9-10% to 11.5-12%.
Increase in guidance suggests that management is incrementally positive about demand environment. Management commentary also turns positive on health of demand for Indian IT industry, says analyst at JP Morgan.
In the defensive space, Hindustan Unilever was up 1.4%, Sun Pharma gained 1.1% and Cipla was up 1.4%.
Other Sensex gainers include, Hindustan Unilever, Tata Motors, Sun Pharma and M&M.
TCS which recently touched an all-time high early this week witnessed profit taking post its results announcement after market hours on Thursday was down nearly 5%.
Wipro was down nearly 3% ahead of its results today.
Financials which had gained recently on hopes that the RBI will keep policy rates steady post the decline in December WPI also witnessed profit taking. HDFC, HDFC Bank,ICICI Bank and SBI were down 0.1-2% each.
Coal India was down 9% after the stock turned ex-dividend today. The board annouced an interim dividend of Rs 29 per share.
In the broader market, the BSE Mid-cap index was down 0.3% and the Small-cap index was down 0.2%.
Market breadth was weak with 1,187 losers and 921 gainers on the BSE.
At 11:30AM, the 30-share Sensex was down 79 points at 21,186 and the 50-share Nifty was down 16 points at 6,302.
The Indian rupee was trading slightly higher at Rs 61.42 compared with Thursday's close of Rs 61.53. During January so far, foreign institutional investors have made investments in the debt market to the tune of $2 billion, with fresh inflows into Indian banks.
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Markets in Asia were trading mixed after a subdued start tracking tracking weak global cues. Shanghai Composite was down 0.9% while Straits Times eased 0.1%. Among other major indices, Hong Kong's Hang Seng was up 0.8% while Nikkei was up 0.1%.
The BSE IT index was the top loser among the sectoral indices on the BSE down 1.6% followed by Bankex among others. Oil and Gas was up 1.1% while Healthcare index was up 0.5%.
Among the index heavyweights, Reliance Industries was up 1.2% ahead of its third quarter results due for release after market hours today.
Infosys was trading at a new high up 1% at Rs 3,758. Infosys had recorded a margin expansion of 150 bps quarter on quarter (qoq) in December quarter was ahead of street expectations. The company had also improved its revenue guidance for the financial year from 9-10% to 11.5-12%.
Increase in guidance suggests that management is incrementally positive about demand environment. Management commentary also turns positive on health of demand for Indian IT industry, says analyst at JP Morgan.
In the defensive space, Hindustan Unilever was up 1.4%, Sun Pharma gained 1.1% and Cipla was up 1.4%.
Other Sensex gainers include, Hindustan Unilever, Tata Motors, Sun Pharma and M&M.
TCS which recently touched an all-time high early this week witnessed profit taking post its results announcement after market hours on Thursday was down nearly 5%.
Wipro was down nearly 3% ahead of its results today.
Financials which had gained recently on hopes that the RBI will keep policy rates steady post the decline in December WPI also witnessed profit taking. HDFC, HDFC Bank,ICICI Bank and SBI were down 0.1-2% each.
Coal India was down 9% after the stock turned ex-dividend today. The board annouced an interim dividend of Rs 29 per share.
In the broader market, the BSE Mid-cap index was down 0.3% and the Small-cap index was down 0.2%.
Market breadth was weak with 1,187 losers and 921 gainers on the BSE.