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The 30-share Sensex provisionally ended down 252 points at 27,483 and the 50-share Nifty ended down 77 points at 8,321.
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(Updated at 14:50PM)
Benchmark share indices slipped further amid disappointing March quarter earnings from IT major Infosys.
At 14:50PM, the 30-share Sensex was down 316 points at 27,418 and 50-share Nifty was down 103 points at 8,295.
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(Updated at 14:25PM)
Benchmark share indices slipped further amid disappointing March quarter earnings from IT major Infosys.
At 14:25PM, the 30-share Sensex was down 177 points at 27,558 and 50-share Nifty was down 60 points at 8,338.
Infosys reported a net profit of Rs 3,097 crore and revenue of Rs 13,411 crore while dollar revenue came in lower-than-expected down 2.7% at $2,159 for the March quarter. The board also announced a bonus in the ratio of 1:1.
Infosys was down nearly 1% post the results announcement while HDFC, L7T, Axis Bank and HUL were the other Sensex losers.
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(Updated at 12:49PM)
Benchmark indices remain under pressure and are moving in a narrow range after trimming some of the losses as gains in ITC and TCS helped offset some of the losses in financials, capital goods and select pharma shares.
At 12:49PM, the 30-share Sensex was down 118 points at 27,617 and the 50-share Nifty was down 43 points at 8,355.
In the broader market, both the BSE Midcap index, down 1% and Smallcap index, down 1.7% have underperformed the front-liners.
Market breadth on the BSE is negative with 1,814 advances against 623 advances.
Buzzing Stocks
10 out of the 12 sectoral indices of BSE are in red. BSE Realty index down 2.8% is the top loser followed by BSE Consumer Durables and Capital Ggoods indices, down 2.7% and 1.8% each.
Index heavyweight, ITC has gained nearly 1.3%. Media reports suggest that ITC is planning to set up four food processing parks with an investment of up to Rs 250 crore each in Tamil Nadu.
From the IT pack, TCS is trading higher by nearly 2% while Infosys is down 0.5% on caution ahead of its quarterly numbers later during the day. Brokerages expect the company to post a flat dollar revenue growth and volume growth ranging from 2.5-2.7% sequentially for the March quarter because of cross currency headwinds. Wipro is down 0.1%.
ONGC has gained nearly 1%. ONGC has agreed to conduct tests prescribed by upstream regulator DGH to confirm three key gas discoveries in its Krishna Godavari basin block to end a standoff that stalled its USD 8 dollar project.
According to media reports, GAIL has received approval from Haryana government department for laying of a 3.85-km gas pipeline within Old industrial area, Yamunanagar for supply of gas to its prospective customers in this area. The stock is down 0.3%.
The rate sensitive pack is trading lower in today’s trade as a poor monsoon forecast along with some risks in the form of global commodity prices and rate action in the US may not allow a rate cut in the near future. Housing finance major, HDFC has shed 2.3%. Axis Bank is down 2.4%, ICICI Bank is down 0.8% while HDFC Bank is marginally higher by 0.3%. From the auto sector, M&M has shed over 2% and Hero Motocorp is down 1%.
The weak monsoon forecast notwithstanding, Maruti Suzuki will push ahead with its plans to expand in rural areas, media reports suggested. The stock is trading higher by 1%.
According to media reports, Tata Power is focusing on overseas projects as its 4,000 MW Mundra power plant in Gujarat remains stuck in a tariff dispute that has reduced its appetite for domestic projects. The stock is down 1.5%.
Realty major DLF has shed 3.5% on adverse Supreme Court ruling.
