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Key benchmark indices cut losses soon after hitting fresh intraday low in mid-morning trade. At 11:30 IST, the barometer index, the S&P Sensex, was down 77.86 points or 0.24% at 31,959.52. The index was down 32.60 points or 0.33% at 9,859.10. The was currently trading below the psychological 32,000 level after falling below that level in early trade.

Key benchmark indices edged lower in early trade weighed by poor Q1 result of IT major TCS. Key benchmark indices extended fall in morning trade.

The S&P Mid-Cap index was off 0.12%. The fall in this index was lower than Sensex's decline in percentage terms. The S&P Small-Cap index was off 0.59%. The fall in this index was higher than Sensex's decline in percentage terms.

The broad market depicted weakness. There were more than two losers against every loser on BSE. 1,648 shares fell and 736 shares rose. A total of 106 shares were unchanged.

Overseas, most Asian stocks were trading higher in anticipation of US inflation data and earnings from some of the large banks, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc.

In US, the Dow yesterday, 13 July 2017 closed at a record for the 24th time in 2017, as gains in the financial sector helped the broader market book modest gains. The Dow Jones Industrial Average, rose 20.95 points, or 0.1%, to close at 21,553.09. The S&P 500 index, gained 4.58 points, or 0.2%, to end at 2,447.83. The Nasdaq Composite Index finished up 13.27 points, or 0.2%, at 6,274.44.

US Federal Reserve Chairwoman Janet Yellen reiterated a dovish stance in her second day of congressional testimony yesterday, 13 July 2017. Yellen told a Senate Banking Committee yesterday, 13 July 2017 the federal-funds rate wouldn't need to rise significantly to get to a neutral policy stance.

Back home, IT stocks fell. HCL Technologies (down 1.07%), Wipro (down 0.57%), Tech Mahindra (down 0.35%), MindTree (down 0.19%), Hexaware Technologies (down 1.15%) and MphasiS (down 1.34%) declined. Oracle Financial Services Software (up 0.13%) rose.

Infosys advanced 0.59% after the company increased its revenue growth guidance in both dollar and rupee terms for FY 2018 at the time of announcing Q1 June 2017 results. Infosys' consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017. The results are as per International Financial Reporting Standards (IFRS) and was announced before market hours today, 14 July 2017.

The company expects its consolidated revenue to grow 7.1%-9.1% in dollar terms for the financial year ending March 2018 (FY 2018), which was higher than the revenue growth guidance of 6.1%-8.1% issued by the company at the time of announcing Q4 March 2017 earnings.

The company expects its consolidated revenue to grow 3%-5% in Rupee terms for FY 2018, based on the exchange rates as of 30 June 2017. This was higher than the revenue growth guidance of 2.5%-4.5% issued by the company at the time of announcing Q4 March 2017 earnings.

Vishal Sikka, CEO of Infosys said that the company's persistent focus on execution in Q1 was reflected in broad-based performance on multiple fronts - revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results.

The company's COO U B Pravin Rao commented that the company had broad-based growth across geographical and industry segments. The company's initiatives on operational discipline led to record levels of utilization and better realization during the quarter, he added.

TCS lost 1.76% after consolidated net profit fell 10.13% to Rs 5940 crore on 0.19% decline in net sales to Rs 29584 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 13 July 2017.

Commenting on the company's Q1 performance, TCS CEO and MD, Rajesh Gopinathan said that the company has seen steady growth across industries in Q1. Robust volumes from major markets driven by good client additions across revenue bands and accelerating Digital adoption among customers have given it the right start to the year. The company had excellent wins across all markets and has a good deal pipeline across industries that position it well for growth in FY18, Gopinathan said.

V. Ramakrishnan, Chief Financial Officer, TCS, said that during the quarter high currency volatility including sharp rupee appreciation against the dollar resulted in Rs 650 crore loss in reported revenues. TCS focused on generating strong cash flows and invest in its digital business. Despite the impact of wage hikes in Q1, TCS continues to drive profitability to its targeted range, Ramakrishnan added.

TCS' board declared interim dividend of Rs 7 per share for the year ending March 2018.

Cement stocks saw mixed trend. ACC (up 1.03%) and UltraTech Cement (up 0.75%) rose. Shree Cement (down 1.06%) and Ambuja Cements (down 0.55%) fell.

Grasim Industries was off 1.36%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

GIC Housing Finance lost 1.45% to Rs 552.25 as the stock turned ex-dividend today, 14 July 2017, for dividend of Rs 5 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.89% based on the closing price of Rs 560.35 on BSE yesterday, 13 July 2017.

Satin Creditcare Network lost 3.09% to Rs 323.40, with the stock sliding on profit booking after recent rally. Shares of Satin Creditcare Network had jumped 17.37% in the preceding seven trading sessions to settle at Rs 333.70 yesterday, 13 July 2017, from its close of Rs 284.30 on 4 July 2017.

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

First Published: Fri, July 14 2017. 11:40 IST