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Jul 12, 2012, 04.19 PM IST
The NSE Nifty and BSE Sensex remained lower by more than 1%, though it showed somewhat recovery from day's low. Infosys' first quarter numbers and FY13 guidance dampened the mood of investors today.
Its rival TCS fell just 1.5% ahead of numbers today after market hours and Wipro lost 3.5%.
The BSE benchmark dropped 234.5 points or 1.34% to 17,254.65, but the losses trimmed by European markets helped the Indian benchmark recover from day's low of 18,171. Meanwhile, the NSE benchmark lost 65.75 points to 5,240.55.
Country's largest private sector lenders ICICI Bank and HDFC Bank were down more than 1% whereas their rival State Bank of India outperformed, rising 0.5%.
All eyes are now on the May inflation data expected on July 16, as it is crucial to the Reserve Bank of India's monetary policy review. Economists feel that the central bank is unlikely to move key rates in its monetary policy review on July 31 even though industrial product output grew marginally higher at 2.4% in May from the month ago period.
Top telecom operator Bharti Airtel plunged 3%. Engineering and construction major by sales Larsen & Toubro and top commercial vehicle maker Tata Motors dropped 1.4% and 1.76%, respectively.
Reliance Industries, India's most valued stock was down 0.7% while state-owned oil & gas producer ONGC rose 1%.
Gas transportation services provider GAIL too gained 1%. HUL, Hero Motocorp and Cipla too were on buyers' radar, rising 0.4%.
On the global front, Britain's FTSE, Germany's DAX and France's CAC were down 0.4-1%.
Indian equity benchmarks continued to trade more than 1% lower since early trade. Weak Asian markets and disappointing earnings by Infosys dented the sentiment of the market while at the same time the market shrugged off the industrial output data.
The 30-share BSE Sensex dropped more than 200 points, weighed down majorly by technology stocks after disappointing performance reported by IT bellwether Infosys. Banks and metals stocks too were under pressure whereas the buying in oil & gas played a supportive role.
Jun 19 2013, 23:15
- in MARKET OUTLOOK
Jun 19 2013, 12:44
- in MARKET OUTLOOK