 "Markets come off day's low; HDFC up 1%")
Benchmark share indices recovered from their intra-day lows after gains in HDFC twins helped offset some of the losses in Infosys after the IT major posted weak first quarter earnings and lowered its guidance for the current fiscal.
At 2:25pm, the S&P BSE Sensex was down 59 points at 27,883 and the Nifty50 was down 10 points at 8,555. The broader markets were trading mixed with BSE Midcap marginally up while BSE Smallcap was trading slightly lower.
Foreign institutional investors were net buyers in equities worth Rs 870 crore on Thursday, as per provisional stock exchange data.
Auto stocks firmed up in an otherwise weak market on expectation of volume growth in wake of above normal monsoon and renewed demand post the implementation of the 7th Pay commission. Tata Motors was up over 2% while M&M rose 1.9% and Maruti Suzuki gained 1%.
Infosys slumped over 8% after the IT major lowered the guidance of constant currency revenue growth in FY 17 to 105.%-12% from 11.5%-13.5% earlier. Infosys has reported 4.5% decline in consolidated net profit at Rs 3,436 crore for the quarter ended June 2016 (Q1FY17) on sequential basis.
TCS was down nearly 3%. The company reported lower-than-expected revenue growth. Revenue for the quarter at Rs 29,305 crore, was up 3% from Rs 28,449 crore in the previous quarter. The IT major reported a marginal 0.46% decline in consolidated net profit at Rs 6,318 crore for the quarter ended June 2016 (Q1FY17) on a sequential basis
Reliance Industries was trading with marginal gains ahead of its first quarter earnings later today.
FMCG shares gained on hopes of pick in rural volume growth after Indian Meteorological Department said that the southwest monsoon has covered the entire country and rainfall so far has been 4% above normal. ITC was up 0.6% while Hindustan Unilever was up over 1.5%.
NTPC recovered partially but was down 1.4%. Reports suggest that the state-owned largest power producer in the country plans to build new units at existing plant sites and phase out the old ones.
L&T was up over 1% after the IPO of its IT subsdiary L&T Infotech received an encouraging response sources said that the engineering major is planning an IPO of another group company L&T Technology Services.
Tata Steel rallied nearly 4%. Tata Steel had said it had entered into discussions with strategic players in the sector, including ThyssenKrupp AG, to look at alternative and more sustainable portfolio solutions for its European businesses.
At 2:25pm, the S&P BSE Sensex was down 59 points at 27,883 and the Nifty50 was down 10 points at 8,555. The broader markets were trading mixed with BSE Midcap marginally up while BSE Smallcap was trading slightly lower.
Foreign institutional investors were net buyers in equities worth Rs 870 crore on Thursday, as per provisional stock exchange data.
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Gains were led by HDFC twins, HDFC and HDFC Bank. HDFC was up over 1% after the mortgage lender raised Rs 3000 crore through the country's first masala bond issuance at 8.33% for a tenure of 37 months.
Auto stocks firmed up in an otherwise weak market on expectation of volume growth in wake of above normal monsoon and renewed demand post the implementation of the 7th Pay commission. Tata Motors was up over 2% while M&M rose 1.9% and Maruti Suzuki gained 1%.
Infosys slumped over 8% after the IT major lowered the guidance of constant currency revenue growth in FY 17 to 105.%-12% from 11.5%-13.5% earlier. Infosys has reported 4.5% decline in consolidated net profit at Rs 3,436 crore for the quarter ended June 2016 (Q1FY17) on sequential basis.
TCS was down nearly 3%. The company reported lower-than-expected revenue growth. Revenue for the quarter at Rs 29,305 crore, was up 3% from Rs 28,449 crore in the previous quarter. The IT major reported a marginal 0.46% decline in consolidated net profit at Rs 6,318 crore for the quarter ended June 2016 (Q1FY17) on a sequential basis
Reliance Industries was trading with marginal gains ahead of its first quarter earnings later today.
FMCG shares gained on hopes of pick in rural volume growth after Indian Meteorological Department said that the southwest monsoon has covered the entire country and rainfall so far has been 4% above normal. ITC was up 0.6% while Hindustan Unilever was up over 1.5%.
NTPC recovered partially but was down 1.4%. Reports suggest that the state-owned largest power producer in the country plans to build new units at existing plant sites and phase out the old ones.
L&T was up over 1% after the IPO of its IT subsdiary L&T Infotech received an encouraging response sources said that the engineering major is planning an IPO of another group company L&T Technology Services.
Tata Steel rallied nearly 4%. Tata Steel had said it had entered into discussions with strategic players in the sector, including ThyssenKrupp AG, to look at alternative and more sustainable portfolio solutions for its European businesses.