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Market turns negative

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After opening higher, key benchmark indices reversed trend and edged lower in morning trade. At 10:19 IST, the barometer index, the S&P Sensex, was down 8.16 points or 0.03% at 27,634.95. The 50 index was down 9.60 points or 0.11% at 8,563.75. Selling in index heavyweight put pressure on the key benchmarks.

The hit its lowest level in more than three months. The fell 94.93 points, or 0.34% at the day's low of 27,548.18 in morning trade, its lowest level since 11 July 2016. The index rose 120.43 points, or 0.44% at the day's high of 27,763.54 in morning trade. The fell 23.55 points, or 0.27% at the day's low of 8,549.80 in morning trade. The index rose 26.85 points, or 0.31% at the day's high of 8,600.20 in morning trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,202 shares rose and 736 shares fell. A total of 115 shares were unchanged. The Mid-Cap index was currently up 0.34%. The Small-Cap index was currently up 0.33%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks were mixed today, 14 October 2016. Meanwhile, China's producer price index edged up 0.1% in September from a year earlier, reversing a 0.8% on-year drop in August, the National Bureau of Statistics said. US stocks finished in the red yesterday, 13 October 2016, as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended 8 October 2016, the lowest reading since November 1973, the Labor Department said.

Back home, IT stocks edged higher. Persistent Systems (up 1.89%), Tech Mahindra (up 1.27%), MindTree (up 0.90%), Oracle Financial Services Software (up 0.86%), HCL Technologies (up 0.84%), Hexaware Technologies (up 0.55%) and Wipro (up 0.29%), edged higher. MphasiS was down 0.57%.

IT major was down 2.78% to Rs 1,022.80 after the company trimmed its revenue growth guidance for the year ending 31 March 2017. The stock hit a 52-week low of Rs 996.15 in intraday today, 14 October 2016.

In constant currency terms, the company now expects revenue to grow by 8% to 9% for the year ending 31 March 2017 (FY 2017). The company had forecast 10.5%-12% growth in revenue for FY 2017 in constant currency terms at the time of announcing Q1 June 2016 results on 15 July 2016.

The company's consolidated net profit grew 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016. The result was announced during market hours today, 14 October 2016. The results were as per International Financial Reporting Standards (IFRS).

IT major TCS was up 2.03% to Rs 2375.70 after the company reported a 4.3% growth in its consolidated net profit at Rs 6586 crore on 0.1% decline in revenue to Rs 29284 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 13 October 2016.

Commenting on the company's Q2 performance, CEO and MD, N Chandrasekaran said it has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said. In addition, volatility in markets like India and Latin America also muted revenue growth, he said. It has been a good quarter from a profitability perspective where despite multiple headwinds the company's disciplined approach and focus on operations has helped it deliver a strong margin performance, Chandrasekaran said.

Rajesh Gopinathan, Chief Financial Officer of TCS said that Q2 September 2016 has been a quarter of good financial performance with sequential improvement in profitability and strong cash generation despite multiple headwinds including global currency and market volatility through the quarter.

Most pharmaceutical shares edged higher. Piramal Enterprises (up 1.55%), Wockhardt (up 1.13%), Alkem Laboratories (up 1.02%), IPCA Laboratories (up 1.01%), Glenmark Pharmaceuticals (up 0.96%), Strides Shasun (up 0.83%), Cipla (up 0.82%), Aurobindo Pharma (up 0.35%), Divi's Laboratories (up 0.31%), GlaxoSmithKline Pharmaceuticals (up 0.29%), Sun Pharmaceutical Industries (up 0.19%) and Dr Reddy's Laboratories (up 0.16%), edged higher. Cadila Healthcare (down 0.49%) and Lupin (down 0.97%), edged lower.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Market turns negative

After opening higher, key benchmark indices reversed trend and edged lower in morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 8.16 points or 0.03% at 27,634.95. The Nifty 50 index was down 9.60 points or 0.11% at 8,563.75. Selling in index heavyweight Infosys put pressure on the key benchmarks.

After opening higher, key benchmark indices reversed trend and edged lower in morning trade. At 10:19 IST, the barometer index, the S&P Sensex, was down 8.16 points or 0.03% at 27,634.95. The 50 index was down 9.60 points or 0.11% at 8,563.75. Selling in index heavyweight put pressure on the key benchmarks.

The hit its lowest level in more than three months. The fell 94.93 points, or 0.34% at the day's low of 27,548.18 in morning trade, its lowest level since 11 July 2016. The index rose 120.43 points, or 0.44% at the day's high of 27,763.54 in morning trade. The fell 23.55 points, or 0.27% at the day's low of 8,549.80 in morning trade. The index rose 26.85 points, or 0.31% at the day's high of 8,600.20 in morning trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,202 shares rose and 736 shares fell. A total of 115 shares were unchanged. The Mid-Cap index was currently up 0.34%. The Small-Cap index was currently up 0.33%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks were mixed today, 14 October 2016. Meanwhile, China's producer price index edged up 0.1% in September from a year earlier, reversing a 0.8% on-year drop in August, the National Bureau of Statistics said. US stocks finished in the red yesterday, 13 October 2016, as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended 8 October 2016, the lowest reading since November 1973, the Labor Department said.

Back home, IT stocks edged higher. Persistent Systems (up 1.89%), Tech Mahindra (up 1.27%), MindTree (up 0.90%), Oracle Financial Services Software (up 0.86%), HCL Technologies (up 0.84%), Hexaware Technologies (up 0.55%) and Wipro (up 0.29%), edged higher. MphasiS was down 0.57%.

IT major was down 2.78% to Rs 1,022.80 after the company trimmed its revenue growth guidance for the year ending 31 March 2017. The stock hit a 52-week low of Rs 996.15 in intraday today, 14 October 2016.

In constant currency terms, the company now expects revenue to grow by 8% to 9% for the year ending 31 March 2017 (FY 2017). The company had forecast 10.5%-12% growth in revenue for FY 2017 in constant currency terms at the time of announcing Q1 June 2016 results on 15 July 2016.

The company's consolidated net profit grew 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016. The result was announced during market hours today, 14 October 2016. The results were as per International Financial Reporting Standards (IFRS).

IT major TCS was up 2.03% to Rs 2375.70 after the company reported a 4.3% growth in its consolidated net profit at Rs 6586 crore on 0.1% decline in revenue to Rs 29284 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 13 October 2016.

Commenting on the company's Q2 performance, CEO and MD, N Chandrasekaran said it has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said. In addition, volatility in markets like India and Latin America also muted revenue growth, he said. It has been a good quarter from a profitability perspective where despite multiple headwinds the company's disciplined approach and focus on operations has helped it deliver a strong margin performance, Chandrasekaran said.

Rajesh Gopinathan, Chief Financial Officer of TCS said that Q2 September 2016 has been a quarter of good financial performance with sequential improvement in profitability and strong cash generation despite multiple headwinds including global currency and market volatility through the quarter.

Most pharmaceutical shares edged higher. Piramal Enterprises (up 1.55%), Wockhardt (up 1.13%), Alkem Laboratories (up 1.02%), IPCA Laboratories (up 1.01%), Glenmark Pharmaceuticals (up 0.96%), Strides Shasun (up 0.83%), Cipla (up 0.82%), Aurobindo Pharma (up 0.35%), Divi's Laboratories (up 0.31%), GlaxoSmithKline Pharmaceuticals (up 0.29%), Sun Pharmaceutical Industries (up 0.19%) and Dr Reddy's Laboratories (up 0.16%), edged higher. Cadila Healthcare (down 0.49%) and Lupin (down 0.97%), edged lower.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Market turns negative

After opening higher, key benchmark indices reversed trend and edged lower in morning trade. At 10:19 IST, the barometer index, the S&P Sensex, was down 8.16 points or 0.03% at 27,634.95. The 50 index was down 9.60 points or 0.11% at 8,563.75. Selling in index heavyweight put pressure on the key benchmarks.

The hit its lowest level in more than three months. The fell 94.93 points, or 0.34% at the day's low of 27,548.18 in morning trade, its lowest level since 11 July 2016. The index rose 120.43 points, or 0.44% at the day's high of 27,763.54 in morning trade. The fell 23.55 points, or 0.27% at the day's low of 8,549.80 in morning trade. The index rose 26.85 points, or 0.31% at the day's high of 8,600.20 in morning trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,202 shares rose and 736 shares fell. A total of 115 shares were unchanged. The Mid-Cap index was currently up 0.34%. The Small-Cap index was currently up 0.33%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks were mixed today, 14 October 2016. Meanwhile, China's producer price index edged up 0.1% in September from a year earlier, reversing a 0.8% on-year drop in August, the National Bureau of Statistics said. US stocks finished in the red yesterday, 13 October 2016, as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended 8 October 2016, the lowest reading since November 1973, the Labor Department said.

Back home, IT stocks edged higher. Persistent Systems (up 1.89%), Tech Mahindra (up 1.27%), MindTree (up 0.90%), Oracle Financial Services Software (up 0.86%), HCL Technologies (up 0.84%), Hexaware Technologies (up 0.55%) and Wipro (up 0.29%), edged higher. MphasiS was down 0.57%.

IT major was down 2.78% to Rs 1,022.80 after the company trimmed its revenue growth guidance for the year ending 31 March 2017. The stock hit a 52-week low of Rs 996.15 in intraday today, 14 October 2016.

In constant currency terms, the company now expects revenue to grow by 8% to 9% for the year ending 31 March 2017 (FY 2017). The company had forecast 10.5%-12% growth in revenue for FY 2017 in constant currency terms at the time of announcing Q1 June 2016 results on 15 July 2016.

The company's consolidated net profit grew 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016. The result was announced during market hours today, 14 October 2016. The results were as per International Financial Reporting Standards (IFRS).

IT major TCS was up 2.03% to Rs 2375.70 after the company reported a 4.3% growth in its consolidated net profit at Rs 6586 crore on 0.1% decline in revenue to Rs 29284 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 13 October 2016.

Commenting on the company's Q2 performance, CEO and MD, N Chandrasekaran said it has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said. In addition, volatility in markets like India and Latin America also muted revenue growth, he said. It has been a good quarter from a profitability perspective where despite multiple headwinds the company's disciplined approach and focus on operations has helped it deliver a strong margin performance, Chandrasekaran said.

Rajesh Gopinathan, Chief Financial Officer of TCS said that Q2 September 2016 has been a quarter of good financial performance with sequential improvement in profitability and strong cash generation despite multiple headwinds including global currency and market volatility through the quarter.

Most pharmaceutical shares edged higher. Piramal Enterprises (up 1.55%), Wockhardt (up 1.13%), Alkem Laboratories (up 1.02%), IPCA Laboratories (up 1.01%), Glenmark Pharmaceuticals (up 0.96%), Strides Shasun (up 0.83%), Cipla (up 0.82%), Aurobindo Pharma (up 0.35%), Divi's Laboratories (up 0.31%), GlaxoSmithKline Pharmaceuticals (up 0.29%), Sun Pharmaceutical Industries (up 0.19%) and Dr Reddy's Laboratories (up 0.16%), edged higher. Cadila Healthcare (down 0.49%) and Lupin (down 0.97%), edged lower.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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