 "Mixed trend seen in IT majors; Sensex holds 26,800")
Benchmark share indices were marginally lower in noon trades on Wednesday,amid weak global cues, weighed down by losses in TCS after it reported lower-than-expected revenue in the September quarter.
At 1:05PM, the Sensex was down 13 points at 26,833 and the Nifty was down 13 points at 8,107.
The broader market was mixed with BSE Midcap index down 0.2% and SmallCap index up 0.4%. Market breadth on the BSE continued to remain positive with 1,417 gainers and 1,065 losers.
FMCG major HUL will announce its quarterly earnings later today. Zee Entertainment Enterprises will also declare its Q2 September 2015 earnings today.
TCS Q2 EARNINGS
Shares of IT major TCS were down nearly 4%. Tata Consultancy Services (TCS) , India's largest software-services exporter, reported a 5.8% rise in revenue at Rs 27,165 crore for the quarter ended September 2015. It was Rs 25,668 crore in the previous quarter ended June 2015.
The company has missed market estimates for the fifth straight quarter. Bloomberg estimates had expected revenue to be Rs 27,229 crore. As per IFRS, the net profit rose 6.1% to Rs 6,055 crore as against Rs 5,709 crore in June 2015.
TCS has declared a second interim dividend of Rs 5.50 per share for the year ending 31 March 2016 (FY 2016).
GLOBAL MARKETS
Asian markets ended lower on Wednesday. Japanese shares witnessed profit taking with the benchmark Nikkei down 1.9% while Shanghai Composite and Hang Seng were also down 1% and Straits Times was down 0.4%.
European shares also weakened in early trades with all major share indices down over 1% each. FTSE-100, CAC-40 and DAX were down 1.1-1.3% each.
SECTORS & STOCKS
The BSE IT index was the top loser down 0.8% followed by Auto index among others. Consumer Durables, Metal, Oil and Gas indices were the top losers.
FMCG major Hindustan Unilever was down nearly 1% ahead of its September quarter results today.
In the auto pack, Tata Motors, Hero MotoCorp, Maruti Suzuki and Bajaj Auto were down 0.5-1.6% each.
Metal stocks witnessed buying tracking gains in global commodity prices. Hindalco, Vedanta, Tata Steel have risen between 2-3.8% each.
Sun Pharmaceutical is marginally up. Taro Pharmaceuticals, the US subsidiary Sun Pharmaceuticals, has acquired Canada's Zalicus Pharmaceuticals, a company engaged in the development of a pain management drug.
Maruti Suzuki is marginally down. The passenger car major is eyeing leadership in the premium hatchback segment with the upcoming model Baleno slated to be introduced later this month.
Among other shares, After a sharp rally in the previous session, airline shares extended gains on hopes that increase in passenger load and lower aviation fuel costs would help boost profits in the second quarter ended September 2015. Jet Airways was up 2% while SpiceJet gained nearly 4%.
At 1:05PM, the Sensex was down 13 points at 26,833 and the Nifty was down 13 points at 8,107.
The broader market was mixed with BSE Midcap index down 0.2% and SmallCap index up 0.4%. Market breadth on the BSE continued to remain positive with 1,417 gainers and 1,065 losers.
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Meanwhile, Wholesale price index for September contracted further by 4.54% mainly because of sharp slide in globa crude oil prices, according to the data released by the government today.
FMCG major HUL will announce its quarterly earnings later today. Zee Entertainment Enterprises will also declare its Q2 September 2015 earnings today.
TCS Q2 EARNINGS
Shares of IT major TCS were down nearly 4%. Tata Consultancy Services (TCS) , India's largest software-services exporter, reported a 5.8% rise in revenue at Rs 27,165 crore for the quarter ended September 2015. It was Rs 25,668 crore in the previous quarter ended June 2015.
The company has missed market estimates for the fifth straight quarter. Bloomberg estimates had expected revenue to be Rs 27,229 crore. As per IFRS, the net profit rose 6.1% to Rs 6,055 crore as against Rs 5,709 crore in June 2015.
TCS has declared a second interim dividend of Rs 5.50 per share for the year ending 31 March 2016 (FY 2016).
GLOBAL MARKETS
Asian markets ended lower on Wednesday. Japanese shares witnessed profit taking with the benchmark Nikkei down 1.9% while Shanghai Composite and Hang Seng were also down 1% and Straits Times was down 0.4%.
European shares also weakened in early trades with all major share indices down over 1% each. FTSE-100, CAC-40 and DAX were down 1.1-1.3% each.
SECTORS & STOCKS
The BSE IT index was the top loser down 0.8% followed by Auto index among others. Consumer Durables, Metal, Oil and Gas indices were the top losers.
FMCG major Hindustan Unilever was down nearly 1% ahead of its September quarter results today.
In the auto pack, Tata Motors, Hero MotoCorp, Maruti Suzuki and Bajaj Auto were down 0.5-1.6% each.
Metal stocks witnessed buying tracking gains in global commodity prices. Hindalco, Vedanta, Tata Steel have risen between 2-3.8% each.
Sun Pharmaceutical is marginally up. Taro Pharmaceuticals, the US subsidiary Sun Pharmaceuticals, has acquired Canada's Zalicus Pharmaceuticals, a company engaged in the development of a pain management drug.
Maruti Suzuki is marginally down. The passenger car major is eyeing leadership in the premium hatchback segment with the upcoming model Baleno slated to be introduced later this month.
Among other shares, After a sharp rally in the previous session, airline shares extended gains on hopes that increase in passenger load and lower aviation fuel costs would help boost profits in the second quarter ended September 2015. Jet Airways was up 2% while SpiceJet gained nearly 4%.