D-Street Buzz: TCS shed 2% post Q3 results, IOC at 15-month low, Power Grid jumps 3%

The Indian stock market is off record highs after earnings from top valued companies failed to impress investors. Sensex is down 200.45 points or 0.48 percent at 41744.92 while the Nifty shed 64.90 points at 12287.50.

Nifty IT shed a percent dragged by Tata Consultancy Services which fell over 2 percent after it reported a constant currency revenue growth of 6.8 percent YoY for October-December quarter, missing analyst expectations and coming in lower than the previous one.

The other losers included Wipro, Hexaware Tech, Tata Elxsi, HCL Tech and Infosys.

From the oil & gas space, Reliance Industries was down close to 2 percent post the company's consolidated revenue from operations in Q3 rose 2.5 percent QoQ to Rs 1.57 lakh crore, but the same fell 2.5 percent YoY.

"Decrease in revenue YoY is primarily on account of 10.6 percent decline in oil-to-chemicals (O2C) business revenues, with lower product price realization and 6.6 percent fall in Brent crude price. This was partially offset by continuing growth momentum in consumer businesses," the company said in its BSE filing.

Indian Oil Corporation fell over 3 percent slumping to 15-month low after exclusion from Nifty CPSC (Central public sector enterprises) index.

India VIX spiked 8.56 and is trading at 15.34 level.

The top gainers from the Nifty were Power Grid, Bharti Infratel, ICICI Bank, BPCL and Asian Paints while the top losers included Indian Oil Corporation, Zee Entertainemnt, TCS, Reliance Industries and Vedanta.

The most active stocks were Reliance Industries, Bharti Airtel, TCS, HDFC Bank and ICICI Bank.

78 stocks have hit new 52-week high on NSE including NHPC, Prestige Estates, NMDC, Cochin Shipyard, Supreme Industries, Rallis India, Torrent Pharma, Trent, GSPL, Coromandal International, Jubilant Foodworks, Asian Paints, Bharti Airtel, Dr Reddy's Labs and Berger Paints.

About 843 shares have advanced, 1258 shares declined, and 111 shares are unchanged.