Apr 13, 2012, 11.45 AM IST
The BSE Sensex was completely lacklustre on Friday, even after strong global cues. Disappointing guidance by Infosys for FY13 dampened the sentiment of the market as well as technology sector, but the upside in banks, oil & gas, infrastructure and auto stocks was supporting the market trade moderately higher.
Asian markets like Hang Seng, Nikkei and Taiwan Weighted moved up 1.2-1.6%, tracking rally in US and European markets yesterday. Straits Times and Kospi gained 0.6-0.9% while Shanghai rose just 0.2%. The US equity markets rose 1.4% yesterday on the back of better than expected Italy auctions and strong expectations of China's Q1 GDP, which came in at 8.1% versus estimate of 8.3%.
Back home, earnings season kicked off with Infosys numbers for the fourth quarter of FY12. Company met expectations for Q4, but it made investors nervous with its guidance for financial year 2012-13. Second largest software services provider is expecting revenue growth of 8-10% in FY13 while street had expected at 12-14%.
The stock plunged nearly 9% to Rs 2,506.75 a share while its rivals TCS and Wipro were down 3-4%. The BSE IT Index tanked 6%.
However, the BSE Auto, Power, FMCG, Capital Goods, Realty, Bank, Healthcare, Oil & Gas and Metal indices were up 1-1.75%.
Country's largest lenders State Bank of India and ICICI Bank rose nearly 2% ahead of RBI policy, which scheduled to be announced on April 17. Experts feel the RBI may consider rate cut of 25 basis points.
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