SENSEX 16536.47 -20.76
NIFTY 4974.35
-05.25
NASDAQ 2546.83 +30.14
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UPDATEDTIME 09.28 PM 11 OCTOBER 2011
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The 50-share
National Stock Exchange benchmark Nifty pared intraday gains and closed in the
negative territory as bulls took a breather after a sharp rally in past few
sessions. Weak cues from European cues also dampened sentiments.
According to dealers, the benchmarks are consolidating after the upmove and will take cues from earning season for direction. Meanwhile, investors will await second quarter results from IT bellwether Infosys Technologies and Index of Industrial Production figures for the month of August 2011 tomorrow.
According to a Reuters poll, India's IIP grew 5.0 per cent in August from a year earlier, on a favourable statistical base effect, despite successive interest rate rises slackening the pace of growth.
Meanwhile, shares of IT sector companies were down on profit booking on concerns of risk to business following economic slow-down in the US and debt crisis in the Europe. However, the recent decline in Indian rupee may helped the company to improve profit margins.
"Q2FY12 performance, though, operationally strong, is likely to be influenced by cross currency movements as well as the sharp movement in INR. We expect tier-1 companies to report strong volume growth of 4-6% Q-o-Q with TCS expected to report the highest spurt.
Margins, though, helped by INR depreciation, will be impacted by campus hiring, promotions and salary hikes.
Infosys, we believe, will have to revise down its USD revenue growth guidance by 2% for FY12 due to cross currency movements, though, it could revise its INR earnings guidance up 6-8% to INR 138-140.
The Nifty closed at 4974.35, down 5.25 points or 0.11 per cent. The broader index touched a high of 5045.10 and low of 4964 in trade today.
The Bombay Stock Exchange's Sensex ended at 16536.47, down 20.76 points or 0.13 per cent. The index touched intraday low of 16510.71 and high of 16774.12.
BSE Midcap Index was up 0.49 per cent and BSE Smallcap Index gained 0.22 per cent.
Amongst the sectoral indices, BSE Metal Index advanced 0.97 per cent, BSE Auto Index moved 0.87 per cent higher and BSE Capital Goods Index was up 0.75 per cent. BSE IT Index was down 2.70 per cent, BSE Oil&gas Index slipped 0.56 per cent and BSE FMCG Index slipped 0.40 per cent.
Infosys Technologies (-3.50%), HCL Tech (-2.95%), TCS (-2.79%), Wipro (-2.41%) and ONGC (-2.11%) were amongst the Nifty losers.
Sun Pharma (3.88%), NTPC (3.22%), Sesa Goa (3.17%), Tata Motors (2.64%) and SAIL (2.41%) were amongst the major gainers.
Market breadth was positive on the NSE with 1816 gainers against 1487 losers.
According to dealers, the benchmarks are consolidating after the upmove and will take cues from earning season for direction. Meanwhile, investors will await second quarter results from IT bellwether Infosys Technologies and Index of Industrial Production figures for the month of August 2011 tomorrow.
According to a Reuters poll, India's IIP grew 5.0 per cent in August from a year earlier, on a favourable statistical base effect, despite successive interest rate rises slackening the pace of growth.
Meanwhile, shares of IT sector companies were down on profit booking on concerns of risk to business following economic slow-down in the US and debt crisis in the Europe. However, the recent decline in Indian rupee may helped the company to improve profit margins.
"Q2FY12 performance, though, operationally strong, is likely to be influenced by cross currency movements as well as the sharp movement in INR. We expect tier-1 companies to report strong volume growth of 4-6% Q-o-Q with TCS expected to report the highest spurt.
Margins, though, helped by INR depreciation, will be impacted by campus hiring, promotions and salary hikes.
Infosys, we believe, will have to revise down its USD revenue growth guidance by 2% for FY12 due to cross currency movements, though, it could revise its INR earnings guidance up 6-8% to INR 138-140.
The Nifty closed at 4974.35, down 5.25 points or 0.11 per cent. The broader index touched a high of 5045.10 and low of 4964 in trade today.
The Bombay Stock Exchange's Sensex ended at 16536.47, down 20.76 points or 0.13 per cent. The index touched intraday low of 16510.71 and high of 16774.12.
BSE Midcap Index was up 0.49 per cent and BSE Smallcap Index gained 0.22 per cent.
Amongst the sectoral indices, BSE Metal Index advanced 0.97 per cent, BSE Auto Index moved 0.87 per cent higher and BSE Capital Goods Index was up 0.75 per cent. BSE IT Index was down 2.70 per cent, BSE Oil&gas Index slipped 0.56 per cent and BSE FMCG Index slipped 0.40 per cent.
Infosys Technologies (-3.50%), HCL Tech (-2.95%), TCS (-2.79%), Wipro (-2.41%) and ONGC (-2.11%) were amongst the Nifty losers.
Sun Pharma (3.88%), NTPC (3.22%), Sesa Goa (3.17%), Tata Motors (2.64%) and SAIL (2.41%) were amongst the major gainers.
Market breadth was positive on the NSE with 1816 gainers against 1487 losers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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