 "Markets near day's lows; Nifty slips below 7,300")
Markets were trading near their day's lows after the first hour of trade weighed down by sell-off in Infosys after after B G Srinivas, President and Board member tendered his resignation from the company. This was the 10th high level exit from the company.
At 10:45AM, the 30-share Sensex was down 145 points at 24,411 and the 50-share Nifty was down 35 points at 7,294.
Among the index heavyweights Infosys was down 6.1% and Reliance Industries was down 1.1%.
ONGC gained 0.8% and M&M up 1.8% after a correction in the previous few sessions.
Among other shares, Godrej Industries was up nearly 2% after posting a huge jump in net profit for the fourth quarter and year ended March 31. The stock is quoting at Rs 301, stronger by Rs 7 or 2.5%, on the BSE.
HPCL recovered after sliding in early trades rising 2% on the back of highest net profit for fiscal 2014 for the past ten years. For the full fiscal 2013-14, the company reported almost doubling of net profit to Rs 1,733.77 crore. HPCL had reported net loss in two out of the previous three quarters in 2013-14. The increase was mainly due to increased refining and marketing margins.
Asian markets were trading mixed with Hang Seng and Straits Times up 0.4-0.7% while Shanghai COmposite and Nikkei were trading flat. The Shanghai Composite was up 0.01%, Hang Seng gained 0.4%, Straits Times up 0.7% and Nikkei was down 0.1%.
US stocks ended lower with the broader S&P 500 ending its four-day winning streak before hitting a record high in intra-day trades. Select retailers were in focus post their quarterly earnings.
The Dow Jones ended down 42 points at 16,633, S&P 500 ended down 2 points at 1,909.78 before hitting a record high of 1,914.46 while the tech laden Nasdaq ended down 12 points at 4,225.
The rupee gained for the first time in four days on Wednesday and ended up 11 paise higher at 58.93 against the US dollar following late selling of the American currency by exporters, amid stable local equities.
Infosys was down 6.3% at Rs 2,972 following the resignation of President and Board member B G Srinivas. The stock was also quoted ex-dividend of Rs 43/- share. The stock fell below the Rs 3,000 mark for the first time since September 30, 2013.
Index heavyweight Reliance Industries was down 0.4% after a Comptroller and Auditor General (CAG) report, considering taking action against the company for hiring a floating production, storage and offloading (FPSO) vessel for its KG-D6 block.
According to sources close to the development, the auditor has already sought action-taken report from the ministry and the Directorate General of Hydrocarbons (DGH) twice over hiring of the FPSO. Earlier, CAG had questioned a $1.1-billion contract given to the Aker group for hiring the FPSO vessel, saying the rate of $107.5 million could not be justified.
Hero MotoCorp was down 2%. Net profit for the quarter ended March stood at Rs 554 crore, a drop of a little over three per cent compared to Rs 574 crore in the year-ago period. Net sales during the quarter stood at Rs 6,456 crore, an increase of a little over six per cent compared to Rs 6,072 crore in the corresponding period last year. Net sales were, however, lower than analysts’ estimate of Rs 6,492.8 crore.
Tata Motors was down 0.6% on concerns over sluggish demand in the domestic market.
In the broader market, the BSE Mid-cap and BSE Small-cap indices were marginally up.
Market breadth was strong with 955 gainers and 657 losers on the BSE.
At 10:45AM, the 30-share Sensex was down 145 points at 24,411 and the 50-share Nifty was down 35 points at 7,294.
Among the index heavyweights Infosys was down 6.1% and Reliance Industries was down 1.1%.
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HDFC Group shares were among the top Sensex gainers along with FMCG major ITC.
ONGC gained 0.8% and M&M up 1.8% after a correction in the previous few sessions.
Among other shares, Godrej Industries was up nearly 2% after posting a huge jump in net profit for the fourth quarter and year ended March 31. The stock is quoting at Rs 301, stronger by Rs 7 or 2.5%, on the BSE.
HPCL recovered after sliding in early trades rising 2% on the back of highest net profit for fiscal 2014 for the past ten years. For the full fiscal 2013-14, the company reported almost doubling of net profit to Rs 1,733.77 crore. HPCL had reported net loss in two out of the previous three quarters in 2013-14. The increase was mainly due to increased refining and marketing margins.
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(Updated at 9:40AM)
Markets were trading lower in early trades, ahead of the expiry of May F&O contracts later today, amid a sell-off in index heavyweight Infosys after B G Srinivas, President and Board member tendered his resignation from the company.
At 9:40AM, the 30-share Sensex was down 80 points at 24,476 and the 50-share Nifty was down 13 points at 7,316
The rupee was marginally up against the US dollar at Rs 58.88 against the previous close of Rs 58.93. The rupee gained for the first time in four days on Wednesday and ended up 11 paise higher at 58.93 against the US dollar following late selling of the American currency by exporters, amid stable local equities.
(Updated at 9:40AM)
Markets were trading lower in early trades, ahead of the expiry of May F&O contracts later today, amid a sell-off in index heavyweight Infosys after B G Srinivas, President and Board member tendered his resignation from the company.
At 9:40AM, the 30-share Sensex was down 80 points at 24,476 and the 50-share Nifty was down 13 points at 7,316
The rupee was marginally up against the US dollar at Rs 58.88 against the previous close of Rs 58.93. The rupee gained for the first time in four days on Wednesday and ended up 11 paise higher at 58.93 against the US dollar following late selling of the American currency by exporters, amid stable local equities.
Asian markets were trading mixed with Hang Seng and Straits Times up 0.4-0.7% while Shanghai COmposite and Nikkei were trading flat. The Shanghai Composite was up 0.01%, Hang Seng gained 0.4%, Straits Times up 0.7% and Nikkei was down 0.1%.
US stocks ended lower with the broader S&P 500 ending its four-day winning streak before hitting a record high in intra-day trades. Select retailers were in focus post their quarterly earnings.
The Dow Jones ended down 42 points at 16,633, S&P 500 ended down 2 points at 1,909.78 before hitting a record high of 1,914.46 while the tech laden Nasdaq ended down 12 points at 4,225.
The rupee gained for the first time in four days on Wednesday and ended up 11 paise higher at 58.93 against the US dollar following late selling of the American currency by exporters, amid stable local equities.
Infosys was down 6.3% at Rs 2,972 following the resignation of President and Board member B G Srinivas. The stock was also quoted ex-dividend of Rs 43/- share. The stock fell below the Rs 3,000 mark for the first time since September 30, 2013.
Index heavyweight Reliance Industries was down 0.4% after a Comptroller and Auditor General (CAG) report, considering taking action against the company for hiring a floating production, storage and offloading (FPSO) vessel for its KG-D6 block.
According to sources close to the development, the auditor has already sought action-taken report from the ministry and the Directorate General of Hydrocarbons (DGH) twice over hiring of the FPSO. Earlier, CAG had questioned a $1.1-billion contract given to the Aker group for hiring the FPSO vessel, saying the rate of $107.5 million could not be justified.
Hero MotoCorp was down 2%. Net profit for the quarter ended March stood at Rs 554 crore, a drop of a little over three per cent compared to Rs 574 crore in the year-ago period. Net sales during the quarter stood at Rs 6,456 crore, an increase of a little over six per cent compared to Rs 6,072 crore in the corresponding period last year. Net sales were, however, lower than analysts’ estimate of Rs 6,492.8 crore.
Tata Motors was down 0.6% on concerns over sluggish demand in the domestic market.
In the broader market, the BSE Mid-cap and BSE Small-cap indices were marginally up.
Market breadth was strong with 955 gainers and 657 losers on the BSE.