Taking cues from a recovery in key Asian markets from lower level, key equity benchmark indices in India further trimmed losses in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 135.06 points or 0.54% at 24,719.05. The losses for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently off 46.65 points or 0.62% at 7,515.75. The broad market depicted weakness. There were more than three losers against every gainer on BSE. 1,765 shares fell and 551 shares rose. A total of 116 shares were unchanged. The BSE Mid-Cap index was currently down 1.09%. The BSE Small-Cap index was currently down 1.18%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The Sensex fell 380.89 points or 1.53% at the day's low of 24,473.22 in early trade. The barometer index lost 125.10 points or 0.5% at the day's high of 24,729.01 in mid-morning trade. The Nifty fell 118.60 points or 1.56% at the day's low of 7,443.80 in early trade. The index fell 43.85 points or 0.58% at the day's high of 7,518.55 in mid-morning trade.
In overseas stock markets, key Asian markets traded off intraday lows, with the Shanghai Composite index moving to positive zone from negative zone in mainland China. The Shanghai Composite index was currently up 0.92%. US stocks slumped yesterday, 13 January 2016, as a rout in oil prices heightened worries about the global economy.
Index heavyweight and IT major Infosys jumped after the company raised its revenue growth guidance for the year ending 31 March 2016 (FY 2016) at the time of announcement of its third quarter results during market hours today, 14 January 2016. The stock was currently up 4.38% at Rs 1,129.80. The counter clocked volumes of 7.23 lakh shares, compared with an average volume of 1.45 lakh shares in the past one quarter. Infosys' consolidated net profit as per International Financial Reporting Standards (IFRS) rose 2% to Rs 3465 crore on 1.7% increase in revenue to Rs 15902 crore in Q3 December 2015 over Q2 September 2015.
Infosys now expects its revenue to grow 8.9%-9.3% in dollar terms for the year ending 31 March 2016 (FY 2016). At the time of announcement of Q2 September 2015 results, Infosys had forecast 6.4%-8.4% growth in the company's revenue in dollar terms for FY 2016. The revenue growth guidance in constant currency terms has been raised to 12.8%-13.2% from previous 10%-12%.
Thanks to weakness of the rupee against the dollar, Infosys has raised revenue growth guidance in rupee terms. Infosys now expects its revenue to grow 16.2%-16.6% in rupee terms for the year ending 31 March 2016 (FY 2016). At the time of announcement of Q2 September 2015 results, Infosys had forecast 13.1%-15.1% growth in the company's revenue in rupee terms for FY 2016. The revised guidance is based on rupee-dollar exchange rate of 66.16.
Most pharmaceutical shares edged lower. Strides Shasun (down 2.39%), Piramal Enterprises (down 1.7%), Wockhardt (down 1.13%), Glenmark Pharmaceuticals (down 0.71%), GlaxoSmithKline Pharmaceuticals (down 0.7%), IPCA Laboratories (down 0.67%), Sun Pharmaceutical Industries (down 0.56%) and Cipla (down 0.16%), edged lower. Dr Reddy's Laboratories (up 0.22%), Cadila Healthcare (up 0.44%), Aurobindo Pharma (up 0.51%), Divi's Laboratories (up 0.62%) and Lupin (up 0.71%), edged higher.
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Power generation stocks edged lower. Jaiprakash Power Ventures (down 3.24%), Adani Power (down 2.79%), Reliance Infrastructure (down 2.78%), Torrent Power (down 2.53%), CESC (down 2.52%), Reliance Power (down 2.26%), GMR Infrastructure (down 2.1%), JSW Energy (down 2%), NTPC (down 1.8%), Tata Power (down 1.6%) and NHPC (down 0.75%), edged lower.
Power Grid Corporation of India edged higher after the company's board of directors accorded approval to investment proposals aggregating Rs 2510.34 crore for various transmission projects. The stock was currently up 1.67% at Rs 143.40. The company after market hours yesterday, 13 January 2016, announced that the board of directors of the company at its meeting held on 12 January 2016 accorded approval to investment proposals aggregating Rs 2510.34 crore for various transmission projects, including Rs 1455.47 crore for strengthening its network in the southern region.
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