The BSE Sensex started off trade with more than 50 points gap down due to Infosys' disappointing FY13 guidance, but strong global cues helped the market turned positive immediately.
Infosys, software services provider met expectations for fourth quarter of FY12, but it has disappointed the street by its guidance for financial year 2012-13. The company posted net profit of Rs 2,316 crore, a fall of 2.4% QoQ while the revenue growth for FY13 expected to be 8.10% versus expectations of 12-14%. The stock opened with a fall of 11% or Rs 300 while rival TCS dropped 5%. Wipro and HCL Tech fell 2.5%. Tech Mahindra was down 1.5%.
The BSE benchmark was up 37.34 points at 17,369.96 and the NSE benchmark rose 15.4 points to 5,292.25.
However, ITC, Tata Steel, NTPC, IDFC, Coal India, SBI, HDFC Bank, ICICI Bank and Reliance Industries gained.
About two shares advanced for every share falling on the National Stock Exchange.
In the second line shares, MT Educare (listed yesterday) shot up 5%, which had rallied 13% yesterday.
Nagarjuna Oil Refinery surged 5%. Kingfisher and 3i Infotech were up 1.5%. Unitech rose 2%.
DCB gained nearly 2% ahead of Q4 numbers today.
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