The market has slipped further after Infosys announced lower-than-expected March quarter results. The Sensex is down 310.70 points or 1 percent at 27424.32 and the Nifty is down 102.65 points or 1 percent at 8295.65.
Infosys is down over 5 percent while Cipla, Vedanta, HDFC and Hindalco are top losers. ITC is still down 2 percent, followed by ONGC, Maruti, Tata Motors and Bajaj Auto.
Infosys missed street estimates on Friday with the profit falling 4.7 percent sequentially to Rs 3,097 crore in the quarter ended March 2015. Revenue fell 2.8 percent to Rs 13,411 crore during January-March quarter from Rs 13,796 crore in December quarter.
HDFC, L&T, HUL, Axis Bank, Cipla, M&M, Vedanta and Hindalco topped the selling list, down 2-3.4 percent while ITC, TCS, Tata Motors, Maruti, ONGC and Tata Steel bucked the trend, up 1-1.6 percent.
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%.
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%.
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%.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStras also ave liable on linkedin and facebook. Get real time advice for Share Tips , Trading Strategies , Best Intraday Stocks , Stock Tips Free, MCX Trading Tips and all market updates. For 2 Days Free Trial ,Please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
0 comments:
Post a Comment