MUMBAI: Indian markets were witnessing selling pressure as lower-than-expected Infosys Technologies results and higher inflation numbers hurt sentiments. Profit booking was also seen after a sharp rally in previous session. Lack of positive cues from global peers also kept the bulls under check.
India's wholesale price index rose an annual 8.98 percent in March against 8.31 per cent in February due to higher fuel and manufacturing prices.
Meanwhile, Infosys Technologies reported below-expectations net profit of Rs 18.2 billion, up 13.7 per cent from Rs 16 billion a year ago.
"Infosys reported Q4FY11 results touch below our expectation in a seasonally weak quarter. However, the guidance for FY12 was touch below our expectation, but in-line with consensus. The guidance indicates very conservative stance on demand.
We expect stock to correct after giving below consensus guidance in EPS term. We expect sharp earning cut of 5-8% post Q4FY11 results. We may revisit our estimates post conference call," said Shashi Bhusan, senior research analyst-institutional equities, Prabhudas Lilladher.
At 1:10 pm; Bombay Stock Exchange's Sensex was at 19432.89, down 263.97 points or 1.34 per cent. The 30-share index hit a high of 19700.96 and low of 19337.12 intraday.
National Stock Exchange's Nifty was at 5835.45, down 76.05 points or 1.29 per cent. The broader index touched a high of 5907.35 and low of 5806.45 in trade so far.
BSE Midcap Index edged 0.23 per cent lower and BSE Smallcap Index slipped 0.08 per cent.
Amongst the sectoral indices, BSE IT Index fell 5.17 per cent, BSE Realty Index was down 1.14 per cent and BSE Oil&gas Index declined 1.11 per cent. BSE Capital Goods Index was up 0.09 per cent.
Infosys Technologies (-8.30%), Siemens (-4.36%), Wipro (-4.01%), DLF (-2.35%) and HCL Tech (-2.23%) were the major losers on the Nifty.
Hero Honda (3.50%), Hindalco Industries (1.31%), L&T (0.99%), Jaiprakash Associates (0.56%) and Bharti Airtel (0.56%) and were the top gainers.
Market breadth was negative on the NSE with 1577 declines against 1199 advances.
Subscribe to:
Post Comments (Atom)
XtorQ IT - eLearning
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.