Mumbai: 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 earnings for the first quarter of financial year 2012-13.
The BSE benchmark, which had rallied 226 points on Tuesday, fell 129.21 points on Wednesday 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 per cent 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.
Infosys rose just 0.3 per cent while TCS declined 0.2 per cent ahead of earnings.
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 per cent as against forecast of 10 per cent growth by company. Meanwhile, Muthangi says TCS is expected to grow 4.5 per cent in constant currency in Q1, and that dollar revenue guidance will be 14 per cent.
Declining shares outnumbered advancing by 925 to 525 on the National Stock.
Comments
0 comment