Sensex down 0.5%, Infosys down 7%
Shrikant / 12 Jan 2012
The Sensex is trading down by 0.47% in the morning session, while the Nifty is down by 0.31%. Weak dollar revenue guidance has pulled down the IT and Teck stocks.
The BSE Sensex is trading down by 0.47% in the morning session, while the Nifty is down by 0.31%. IT major Infosys posted its quarterly results today. Weak dollar revenue guidance has pulled down Infosys in particular and the IT and Teck stocks in general.
Other Asian markets are currently trading in negatives. The Shanghai and Hang Seng are down marginally. Nikkei is under pressure, and has dropped 0.95%.
Earlier, the US and European stocks closed in the red after the credit rating agency Fitch warned the European Central Bank to take very strong action to resolve the debt crisis.
Benchmark Indices
Index
Rate
% Change
Hang Seng
19,128.89
-0.12%
Nikkei
8,367.90
-0.95%
Shanghai
2,272.63
-0.15%
Sensex
16,099.84
-0.47%
Nifty
4,845.85
-0.31%
From the sectoral indices, Bankex, CG, Power, Metals and Realty have gained by over 1%. However, following the weak dollar revenue guidance, IT and Teck are down by 5.11% and 3.67% respectively at this hour.
21 of the 30 Sensex stocks have gained so far. The shares of Bajaj Auto are up by 2.06%. Maruti Suzuki is also up by 1.81%. Others like SBI, NTPC, BHEL, L&T, Hindalco Industries, Sterlite Industries Tata Steel, ICICI Bank and DLF all have gained over 1%.
The major highlight of day is the announcement of the Infosys quarterly results. The company has posted a net profit of Rs 2372 cr in its Q3 results, a rise of 24.5% as compared to Rs 1906 cr in the previous quarter. However, due to a weak guidance of dollar revenues, the stock is down heavily by nearly 7%. On the back of this, TCS is down by 4.49% while Wipro is also down by 2.84%. Other IT stocks such as Hexaware Technologies and HCL Tech are also down by over 1%.
Among other stocks, United Breweries and United Spirits have gained by over 5% each. The stocks of Sun TV Network, Bajaj Finserv, Dish TV India, GMR Infra, Tata Communications are also up by over 3%.
In the major corporate announcements, Suzlon Group has won a 100 MW order in USA, and the scrip is up by more than 1%. Fortis Healthcare India has completed the acquisition of Fortis Healthcare International, following which the scrip has seen over 1% positive movement. Moser Baer is up by more than 4% after the company announced the commissioning of 5 MW of solar farms in Rajasthan.
The market breadth, which indicates the overall health of the market, is mixed. Out of a total of 2199 stocks, 1353 advanced and 781 declined. 65 stocks remained unchanged.
We believe that Infosys has set a negative tone in the market after the weak dollar revenues guidance. Owing to this we believe that the markets will remain volatile for the rest of the day.
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