Sensex closes 129 points lower; Infy, TCS flat ahead of Q1 nos

The BSE Sensex and NSE Nifty erased more than half of yesterday's gains at close on Wednesday due to profit booking. But country's largest software services exporters Infosys and TCS, which rose nearly a percent in morning trade, closed flat ahead of their results for the first quarter of financial year 2012-13.

The BSE benchmark, which had rallied 226 points yesterday, fell 129.21 points today to close at 17,489.14, weighed down by 25 out of 30 stocks. The NSE benchmark was down 39.05 points or 0.73% to 5,306.30.

From here on, Anand Tandon, CEO, JRG Securities feels the market will move to either the earnings or global cues, but will not concentrate on expectations from new finance minister Manmohan Singh.

According to him, IT and banks (earnings) may actually provide some relief and therefore the market may be slightly positive barring any major hiccups that we see in the world.

Ahead of earnings tomorrow, software bellwether Infosys rose just 0.3% while TCS declined 0.2%.

Due to the weak global demand environment and adverse cross-currency movements, Sandeep Muthangi of IIFL Institutional Equities says IT major Infosys may cut its dollar revenue guidance for the year to around 7-8% as against forecast of 10% growth by company.

Meanwhile, Muthangi says TCS is expected to grow 4.5% in constant currency in Q1, and that dollar revenue guidance will be 14%.

Country's largest private sector lender ICICI Bank slipped 0.6% while its rival HDFC Bank declined 0.2%.

State Bank of India (SBI) erased early gains to close just 0.3% lower after the bank presented a little tepid outlook on its loan growth. In its analyst meet, SBI said it expected loan growth at 16-17% in FY13 as against its initial target of 19-20%, reports CNBC-TV18 quoting NW18.

Housing finance company HDFC lost 0.6% after first quarter numbers. Net profit for April-June quarter rose nearly 19% year-on-year to Rs 1,002 crore.

Private oil & gas producer Reliance Industries and top telecom operator Bharti Airtel tanked 1.87% each.

Commercial vehicle maker Tata Motors plunged 2% while Hero Motocorp and Maruti Suzuki were down 1-1.5%.

FMCG majors ITC and HUL dropped 1.65% and 1.12%, respectively. Among metals stocks, Sterlite Industries tanked 1.9% and aluminium major Hindalco Industries tumbled 2.74%.

Power equipment manufacturer BHEL declined 1.36% whereas engineering and construction major by sales Larsen & Toubro outperformed, rising 1.2%.

In the second line shares, AP Paper Mills rallied 12% and West Coast Paper gained 6%. Infotech Enterprises rose 2.6% amid heavy volumes; the stock touched a 52-week high of Rs 198.75 after multiple block deals.

MCX-SX has received approval from the SEBI to start equity trading platform. Financial Technologies rallied 3% whereas MCX fell 2.5%.

Cummins India plunged 3% due to disappointing guidance by parent company. Cummins Inc, a diesel and natural gas engine manufacturer, expects to report full year revenue in line with 2011 results as against 10% earlier.

Declining shares outnumbered advancing by 925 to 525 on the National Stock Exchange.

At 15 hours IST: Sensex still down 100 pts; Reliance, ITC, Tata Motors drag

Indian equities were trading lower due to downward journey in Reliance Industries, ITC and Tata Motors. ICICI Bank and Bharti Airtel too were under pressure whereas L&T and Infosys outperformed, rising 1-1.5%.

Housing finance company HDFC was flat ahead of numbers for the quarter ended June 2012 today.

The 30-share BSE Sensex dropped 101% to 17,517.38, weighed down by 25 out of 30 stocks. Meanwhile, the 50-share NSE Nifty fell 29.50 points to 5,315.85.

Software services exporter Wipro and aluminium major Hindalco Industries topped the selling list, falling more than 2.5%.

Top commercial vehicle maker Tata Motors, cigarette major ITC and private oil & gas producer Reliance Industries were down 1.5-2%.

Country's largest private sector lenders ICICI Bank and HDFC Bank declined nearly 0.5% whereas rival State Bank of India was flat.

Drug producer Cipla and top car maker Maruti Suzuki were down 1% each.

In the second line shares, Kingfisher Airlines tanked 7% to Rs 10.20.

At 14 hours IST: Nifty remains under pressure; Hindalco, Wipro top losers

Indian equity benchmarks continued to trade lower, weighed down by oil & gas, FMCG, auto and private banks stocks. However, the consistent buying in Infosys, Larsen & Toubro, State Bank of India and TCS has limited the downside.

The BSE benchmark fell 142.30 points or 0.81% to 17,476 and the NSE benchmark slipped 41.10 points to 5,304.25.

European markets too remained under pressure after profit warnings from U.S. companies compounded fears the sluggish global economy will erode earnings, while scepticism over the euro zone's ability to tackle its debt crisis pressured other risk assets. France's CAC went down 0.8% while Germany's DAX and Britain's FTSE dropped 0.5%.

Back home, private oil & gas producer Reliance Industries and top commercial vehicle maker Tata Motors plunged 2% each.

Country's largest private sector lenders ICICI Bank and HDFC Bank slipped 0.5-1% while State Bank of India erased gains due to cut in loan growth. State-owned lender expects loan growth at 16-17% in the financial year 2012-13 as against initial aim of 19-20%. Non-performing assets are likely to rise by Rs 3,000-4,000 crore in the first quarter.

FMCG majors ITC and HUL were down over 1.2%. Top telecom operator Bharti Airtel dropped 1.3%.

Aluminium major Hindalco Industries and software services exporter Wipro tanked 2.7% each. However, software bellwether Infosys and engineering and construction major by sales L&T rose 0.4% each.

Declining shares outnumbered advancing by 832 to 585 on the National Stock Exchange. The broader markets turned negative.

At 12:46 hours IST: Sensex falls 100 pts; European markets open lower

The BSE Sensex extended losses in afternoon trade following weak opening of European markets. Oil & gas, FMCG, auto and healthcare stocks weighed down the market since early trade whereas the upmove in Infosys, SBI and L&T has capped the downside.

The BSE benchmark fell 99.88 points to 17,518.47 and the NSE benchmark was down 28 points to 5,317.65. France's CAC, Germany's DAX and Britain's FTSE were down 0.5-1% following downtrend in US markets due to disappointing earnings.

Reliance Industries, India's most valued stock tanked 1.5% and state-owned oil & gas producer ONGC declined 0.75%.

Top commercial vehicle maker Tata Motors fell nearly 2% while Bajaj Auto and Maruti were down 0.7-1%.

Country's largest private sector lender ICICI Bank dropped 1% whereas its rival State Bank of India gained 0.6%.

FMCG majors ITC and HUL, and top telecom operator Bharti Airtel slipped 1% each. Aluminium major Hindalco Industries plunged more than 2%.

Software services exporter Wipro tanked over 2% while its rival Infosys, ahead of first quarter earnings tomorrow morning, gained 1%.

State-owned power equipment maker BHEL and private power producer Tata Power plummeted 1.5%.

Most active shares on exchanges were Infotech Enterprises (moved up 5%), MCX India (gained 2.5%), SBI, Financial Technologies (rose 6%), AP Paper Mills (shot up 13%), Infosys and ICICI Bank.

At 11:41 hours IST: Choppy Sensex trades lower; Infy, TCS gain ahead of Q1 nos

The BSE Sensex and NSE Nifty remained under marginal selling pressure due to downward journey in Reliance Industries and ICICI Bank. ITC, Bharti Airtel, Tata Motors and ONGC too were adding pressure on the market. However, the buying interest in Infosys, SBI, L&T and TCS has limited the downside.

The BSE benchmark went down 68.08 points to 17,550.27 and the NSE benchmark declined 18 points to 5,327.45.

However, the Indian rupee appreciated further by 13 paise to 55.26 against the US dollar. Yesterday, it had gained 54 paise from 55.93 against the US dollar.

The market may be consolidating ahead of quarterly earnings from major companies like Infosys (rose 1%) and TCS (was up 0.5%) that scheduled for tomorrow in the morning (before 9 am) and evening (after 5 pm) respectively. However, their rival Wipro plunged 2%.

Country's largest private sector lender ICICI Bank went down 1% while its rivals State Bank of India and HDFC Bank moved up over 0.6%.

Index heavyweights Reliance Industries, ITC and Bharti Airtel were down more than 1%. FMCG major HUL and state-owned oil & gas producer ONGC fell 0.8% each.

Power equipment manufacturer BHEL declined over 1% whereas engineering and construction major by sales Larsen & Toubro was up 0.3%.

Among auto stocks, commercial vehicle maker Tata Motors was up over 1.4%. Bajaj Auto, M&M and Maruti were down 0.5-1%.

In the second line shares, Infotech Enterprises, Shriram City, Financial Tech, Jaypee Infra and EIH rallied 4-7% whereas Syndicate Bank, Clariant, Madras Cements,
Prestige Estate and Sadbhav Engg were down 2-4%.

At 10:33 hours IST: Nifty, Sensex flat; MCX, Financial Tech most active

Indian equity benchmarks continued to trade marginally lower since early trade due to profit booking in FMCG, oil & gas and auto stocks. Country's largest private sector lender ICICI Bank fell 0.85% whereas its rival State Bank of India extended yesterday's upmove, rising 1%.

Top software services exporters Infosys and TCS moved up 1% and 0.6%, respectively ahead of their earnings for the quarter ended June 2012. Majority of analysts expect Infosys to lower its full year revenue guidance while TCS will outperform its peers.

The BSE benchmark fell 41 points to 17,577.39 and the NSE benchmark declined 11.40 points to 5,333.95. However, the broader markets outperformed benchmarks, gaining around 0.5%.

FMCG majors ITC and HUL were down 1% each. Top telecom operator Bharti Airtel slipped 1% too.

Oil & gas producers Reliance Industries and ONGC dropped 0.6-1%. Commercial vehicle manufacturer Tata Motors and top car maker Maruti plummeted 1% each whereas two-wheeler major Hero Motocorp was up 0.4%.

Engineering and construction major by sales Larsen & Toubro rose 0.3% while state-owned power equipment manufacturer BHEL fell 0.5%.

Advancing shares outnumbered declining by 792 to 501 on the National Stock Exchange.

Most active shares on exchanges were Infotech Enterprises (surged 4%), SBI, MCX India, Financial Technologies and ICICI Bank.

In the second line shares, MCX India gained 2.6% and Financial Tech rose 6% after MCX-SX has received the approval from SEBI to start equity trading platform.

At 9:20 hours IST: Sensex, Nifty down on profit booking, weak global cues

The BSE Sensex and NSE Nifty started off Wednesday trade with a negative bias due to profit booking and fall in Asian markets. FMCG, oil & gas and auto stocks were under pressure while SBI and L&T were quite supportive.

The BSE benchmark had rallied 226 points yesterday, but today profit booking dragged it down by 67.62 points to 17,550.73. Meanwhile, the NSE benchmark was down 20 points 5,325.55. The CNX Midcap Index fell 17 points to 7,479.

Asian markets fell 0.2-0.5% following weak US markets. Earnings concerns dominated the US street yesterday.

Back home, shares of ITC, ICICI Bank, HUL, Reliance Industries, ONGC, Infosys, Tata Motors, Tata Power, Bharti Airtel, Maruti, Hero Motocorp and Bajaj Auto were down 0.5-1%.

However, HDFC Bank, NTPC, HDFC and State Bank of India were trading marginally higher.

In the second line shares, MCX shot up 4.5% and Financial Technologies gained 4% as MCX-SX has received approval from SEBI to start equity trading platform.

EIH shot up 5.3% and EIH Associated Hotels rose 11.5%.

Jaypee Infra was up 5% as The Hindu Business Line reported that company's Yamuna Expressway is set to open on July 17.

RCF and Mercator were up 2.6%. ITI and HMT gained 0.5-1%.

However, HCC tanked 3.5% after The Economic Times reported that the Reserve Bank of India dashed all hopes of debt recast for Lavassa (subsidiary of HCC) and refuseed to confer infra status on loans.

Globus Spirits lost 2% on profit booking.

Cummins India plunged 3% due to disappointing results by parent company. Cummins Inc, a diesel and natural gas engine manufacturer, expects to report full year revenue in line with 2011 results as against 10% earlier.

Indiabulls Real and HDIL were down over 1%.