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Last Updated : Oct 14, 2016 12:31 PM IST | Source: Moneycontrol.com

Sensex, Nifty sluggish; HUL falls 2%, IT index in red on Q2 nos

IT index is in red reacting to TCS and Infosys Q2 results. HUL is down 2 percent, while Infosys, Lupin, Bharti and HDFC are losers in the Sensex. GAIL, L&T, ONGC, Tata Motors and Cipla are gainers in the Sensex.


Moneycontrol Bureau

11:45 am BRICS:
Ahead of BRICS and BIMSTEC Summits, Prime Minister Narendra Modi today said he is looking forward to building bridges to new partnerships and finding common resolve and solutions to entrenched problems of the region.


Modi, who will also hold bilateral meetings with Russian President Vladimir Putin and other leaders on the sidelines of the Summits in Goa, said they will discuss ways to address "pressing international and regional challenges that stand in the way of our goals".


"I am optimistic that the BRICS Summit will strengthen intra-BRICS cooperation and advance our common agenda for development, peace, stability and reform," the Prime Minister said in a Facebook post.

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11:30 am Infosys Q2: IT solutions provider Infosys ' profit beat analysts' expectations, rising 4.9 percent to Rs 3,606 crore in July-September quarter but reduced full year revenue guidance considerably due to uncertain external environment. Rupee revenue rose 3.14 percent to Rs 17,310 crore and dollar revenue was up 3.4 percent at USD 2,587 million on sequential basis, which were slightly ahead of estimates. The country's second largest IT company slashed its revenue guidance for FY17 to 8-9 percent from 10.5-12 percent earlier in constant currency terms after considering performance of H2FY17 and near-term uncertain business outlook.

Don't miss: Is it time to sell TCS as analysts lower growth estimates post Q2?


The market is flat amid volatility. The Sensex is up 17.71 points at 27660.82, and the Nifty down 2.50 points or 0.03% at 8570.85. About 1485 shares have advanced, 815 shares declined, and 171 shares are unchanged.

IT index is in red reacting to TCS and Infosys Q2 results. HUL is down 2 percent, while Infosys, Lupin, Bharti and HDFC are losers in the Sensex. GAIL, L&T, ONGC, Tata Motors and Cipla are gainers in the Sensex.


Combination of factors is likely to trigger earnings recovery for companies going ahead, according to Gautam Trivedi, Managing Director and Chief Executive of Religare Capital Markets.

In an interview with CNBC-TV18, Trivedi listed factors such as passage of Goods and Services Tax, implementation of Seventh Pay Commission, besides a good monsoon and the central bank cutting rates as those that he would propel an earnings recovery in the first quarter of FY18. "But it is too early to predict a V-shaped recovery in the third quarter of FY17."

First Published on Oct 14, 2016 11:00 am
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