 "Markets pare early gains; Nifty slips below 6,000")
Markets pared early gains as investors turned cautious at higher levels with IT shares leading the decline after conservative guidance from Cognizant.
At 10:35AM, the 30-share Sensex was down 154 points at 20,106 and the 50-share Nifty was down 50 points at 5,972.
The rupee continued to trade higher against the US dollar at Rs 62.42 compared to its previous close of Rs 62.58.
BSE Metal index was the top gainer among the sectoral indices up 1% followed by Consumer Durables, FMCG, Bankex, Oil and Gas indices were up 0.4-7% each.
IT shares remained weak after Cognizant, the Nasdaq-listed company, gave a conservative revenue growth guidance for 2014 at a time when the industry was expecting it to be better in the wake of a rebound in the demand environment, and especially the better than expected show by some of its large Indian peers. Infosys and TCS were down nearly 1% each.
Bharat Heavy Electricals Limited (BHEL) has dipped 3% after reporting a sharp 41% year-on-year (yoy) decline in net profit at Rs 695 crore for the third quarter ended December 31, 2013 (Q3) due to lower realization. The state-owned company had profit of Rs 1,182 crore in a year ago quarter.
ICICI Bank and HDFC Bank pared early gains with both the private banking down 0.4-0.7% each.
Auto shares which had gained yesterday following new launches at the Auto Expo in Delhi also witnessed profit taking. Tata Motors, Bajaj Auto and Hero MotoCorp were down 0.5-1% each.
However, the broader markets outperformed the benchmarks, the Mid-cap and Small-cap indices were up 0.6% each.
Market breadth was positive with 890 gainers and 808 losers on the BSE.
At 10:35AM, the 30-share Sensex was down 154 points at 20,106 and the 50-share Nifty was down 50 points at 5,972.
The rupee continued to trade higher against the US dollar at Rs 62.42 compared to its previous close of Rs 62.58.
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Asian markets continued to trade firm but further gains were capped as investors remained cautious following the recent sell-off. Meanwhile, investors are looking forward to the European Central Bank's meet later today and US payrolls data on Friday. Japan's benchmark Nikkei was up 0.6%, Singapore's Straits Times was up 0.9% and Hong Kong's Hang Seng gained 0.5%.
BSE Metal index was the top gainer among the sectoral indices up 1% followed by Consumer Durables, FMCG, Bankex, Oil and Gas indices were up 0.4-7% each.
IT shares remained weak after Cognizant, the Nasdaq-listed company, gave a conservative revenue growth guidance for 2014 at a time when the industry was expecting it to be better in the wake of a rebound in the demand environment, and especially the better than expected show by some of its large Indian peers. Infosys and TCS were down nearly 1% each.
Bharat Heavy Electricals Limited (BHEL) has dipped 3% after reporting a sharp 41% year-on-year (yoy) decline in net profit at Rs 695 crore for the third quarter ended December 31, 2013 (Q3) due to lower realization. The state-owned company had profit of Rs 1,182 crore in a year ago quarter.
ICICI Bank and HDFC Bank pared early gains with both the private banking down 0.4-0.7% each.
Auto shares which had gained yesterday following new launches at the Auto Expo in Delhi also witnessed profit taking. Tata Motors, Bajaj Auto and Hero MotoCorp were down 0.5-1% each.
However, the broader markets outperformed the benchmarks, the Mid-cap and Small-cap indices were up 0.6% each.
Market breadth was positive with 890 gainers and 808 losers on the BSE.