 "Metal stocks shine in a choppy market; Vedanta up 7%")
By 11:35 am, the Sensex was down by 38 points at 27,042 and the Nifty lost 10 points at 8,180.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.4%. Markets breadth is positive on the BSE with 1,261 advances and 1,028 declines.
Meanwhile, in Bihar, polling began amid tight security in 49 assembly seats spread in 10 districts of the state which are going to polls in the first phase today.
INFOSYS Q2 EARNINGS
In the quarter ended September 30, 2015, Infosys reported 9.8% growth in its net profit at Rs 3,398 crore when compared with the corresponding quarter the previous fiscal. The revenue at Rs 15,635 crore grew 17.2% on year-on-year basis as it continued to attract business from clients in the US and Europe.
On sequential quarter basis, the net profit grew 12.1% while revenues jumped 8.9%.
In dollar terms, the company posted sequential revenue growth of 6%, the highest in the last 16 months.
The company also announced that CFO Rajiv Bansal will step down. Infosys announced a dividend of Rs 10/share. Shares of IT giant Infosys are off day's high and are trading lower by 3%.
ANNOUNCEMENT OF KEY MACRO-ECONOMIC DATA
The government is scheduled to unveil the consumer price index (CPI) data for the month of September 2015 after market hours today. The all-India general CPI inflation was nearly flat 3.66% in August 2015 compared with 3.69% (revised) reading in July 2015.
The government will also release the industrial production data for August 2015 after market hours today, 12 October 2015. Industrial production rose at 4.22% in July 2015 compared with growth of 4.36% in June 2015.
SECTORS & STOCKS
Sectorally, BSE IT index is the major loser, down by 1.2% post announcement of Infosys’ second quarter results.
From the IT space, Infosys has lost 2.6% post its Q2 results. TCS and Wipro have lost between 0.4-0.8% each
Metal stocks have extended their gains from last session on the back of surge in global commodity prices. Vedanta has soared over 6% while JindalSteel, NMDC, Hindalco, Tata Steel have all jumped between 2-5% each on the Sensex.
Oil prices climbed in Asia today boosted by a weaker dollar and expectations that a rise in demand will ease a global supply glut, while investors await the release of key Chinese economic data this week.
ONGC, RIL, Cairn India have all gained between 0.7-1.2% each.
Among other shares, Bank of Baroda has dipped 8% to Rs 168 on the BSE in early morning trade on reports that the Central Bureau of Investigation (CBI) on Saturday carried out searches at the bank’s branches in New Delhi for alleged foreign exchange violations.
Shares of budget carrier SpiceJet are trading higher by 3% at Rs 30 on the BSE after the company decided to induct six new aircrafts into its fleet to its schedule from Kochi effective from October 25.
