At 10:25 IST, the barometer index, the S&P BSE Sensex, was almost flat at 30,379.62. The Nifty 50 index was down 3.05 points or 0.03% at 8,922.25.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.77% while the S&P BSE Small-Cap index was up 0.69%.
The market breadth was strong. On the BSE, 1122 shares rose and 600 shares fell. A total of 98 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.
Buzzing Index:
The Nifty IT index slumped 2.46% to 12,388.20, underperforming other sectoral indices on NSE.
Hexaware Technologies (down 5.31%), Tech Mahindra (down 4.12%), Infosys (down 3.94%), Tata Elxsi (down 2.92%), MindTree (down 2.47%), NIIT Technologies (down 1.64%) and HCL Technologies (down 1.16%) declined.
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IT major TCS dropped 2.58% ahead of its Q4 results today, 16 April.
Wipro fell 2.06%. On a consolidated basis, Wipro's net profit declined 5.29% to Rs 2,326.10 crore on 1.55% increase in revenue to Rs 15,711 crore in Q4 March 2020 over Q3 December 2019. The company's IT services segment revenue was at $2,073.70 million in Q4, a decrease of 1% QoQ, the IT major said after market hours on 15 April 2020.
Commenting on the revenue guidance, Wipro said, Due to the uncertainty around the course of the COVID-19 pandemic, we do not have visibility into the extent to which it will disrupt our operations, and we have decided to not provide revenue guidance for the quarter ending June 30, 2020. We anticipate that we will resume providing revenue guidance when we have increased certainty of both demand and supply side factors.
Stocks in Spotlight:
Biocon gained 1.97% after company's subsidiary Biocon Biologics India received an Establishment Inspection Report from the USFDA for the Pre-Approval Inspection (PAI) conducted at two of its biologics manufacturing facilities in Bengaluru. Subsequent to the inspection, Biocon Biologics has received approvals for the two products Trastuzumab (Drug Product) and Pegfilgrastim (Drug Substance) from the U.S. FDA in 2019. The receipt of the Establishment Inspection Report (EIR) indicates a successful closure of the inspection.
Pidilite Industries rose 0.42% after the company informed that operations in two facilities have partially resumed after obtaining formal permissions from the relevant authorities.
Navin Fluorine International gained 3.57% after the company said that it has re-commenced operations at the company's facilities at Bhestan, Gujarat and Dewas, Madhya Pradesh, from 14 April 2020 post obtaining necessary government approvals. At present, limited operations have re-commenced and the same will be ramped up in a phased manner, taking into account all the relevant factors which will be prevailing from time to time.
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