Mumbai: BSE Sensex was nearly unchanged on Monday as investors waited for positive corporate results after a disappointing start to the earnings season last week when Infosys Ltd issued a lower-than-expected revenue guidance. Shares of Infosys, the country’s second-biggest software services exporter, were down 0.7% after falling 3.87% on Thursday. Markets were closed on Friday for a public holiday.
The weak guidance raised concerns about earnings, with Tata Consultancy Services Ltd, Yes Bank Ltd and HDFC Bank Ltd due to report this week. “With the earnings season having just begun, markets need to see some kind of confirmation that growth will come,” said Saurabh Jain, assistant vice-president of research at SMC Global Securities. “Broadly, markets are consolidating and are finding it difficult to sustain fresh highs, and profit-booking is coming in.”
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The NSE IT index was down, dropping for the third consecutive day, with TCS losing up to 1.32%. Yes Bank and HDFC Bank were down more than 0.5% each. Among gainers, Dr. Reddy’s Laboratories Ltd rose as much as 3.1% and was the top gainer on the NSE Nifty after the USFDA completed an audit of the company’s Srikakulam plant with no observations, according to an exchange filing on Friday.
2.10pm: BSE Sensex trades lower by 36 points, or 0.12%, to 29,426, while the Nifty 50 falls 17 points, or 0.19%, to 9,134. Indiabulls Real Estate Ltd shares rise over 27% to Rs135.25.
1.20pm: BSE Sensex trades lower by 29 points, or 0.10%, to 29,432, while the Nifty 50 falls 11 points, or 0.12%, to 9,140. Indiabulls Real Estate Ltd shares rise over 17% to Rs124.55.
12.05pm: BSE Sensex trades lower by 53 points, or 0.18%, to 29,409, while the Nifty 50 falls 18 points, or 0.20%, to 9,133.
11.20am: BSE Sensex trades lower by 6 points, or 0.02%, to 29,455, while the Nifty 50 falls 3 points, or 0.03%, to 9,148.
10.18am: BSE Sensex trades lower by 15 points, or 0.05%, to 29,446, while the Nifty 50 falls 9 points, or 0.10%, to 9,142.
10.00am: Indiabulls Real Estate Ltd shares rise 8.3% to Rs114.60 after the company said its board approved restructuring real estate business by demerging commercial and residential into separate companies.
9.55am: Adani group stocks trade higher. Adani Transmission Ltd shares rise 3.8%, Adani Power Ltd shares rise 2.3%, Adani Enterprises Ltd shares rise 2.1% and Adani Ports shares 1.3%.
9.45am: Power Finance Corp. Ltd shares rise 4% to Rs168.5, while Rural Electrification Ltd rose 4.3% to Rs215.60. In the last five weeks, Power Finance surged 29.2%, while REC jumped 42%.
9.38am: BSE Sensex trades lower by 61 points, or 0.21%, to 29,400, while the Nifty 50 falls 30 points, or 0.33%, to 9,121.
9.35am: DCB Bank Ltd shares fall 4.1% to Rs172.30 after the bank reported marginally hike in its gross non-performing assets to 1.59% in the March quarter against 1.55% a quarter ago and 1.51% a year ago.
9.30am: Bajaj Corp. Ltd shares fall 6% to Rs403.20 after the company reported 3% drop in its net profit and 2% drop in its revenue for the March quarter. Net profit stood at Rs52.67 crore, while revenue was at Rs204.21 crore.
9.25am: Sun Pharmaceutical Industries Ltd shares rise 2.4% to Rs675.95. According to a CNBC report, the USFDA has recorded 11 observations at Sun Pharmaceutical’s Dadra-based formulations manufacturing site. The nature of the observations is not clear.
9.20am: ITC Ltd shares fall 0.5% to Rs278.25. Tata managing trustee R. Venkataramanan, a project manager at Tata Trusts, and doctors from Tata Memorial Hospital have filed a public interest litigation (PIL) in the Bombay high court against government and state-run insurers, including Life Insurance Corp. of India (LIC), for holding shares in cigarette maker ITC Ltd.
9.15am: The rupee opened at 64.43 a dollar. At 9.15am, the rupee was trading at 64.40, up 0.02% from its Thursday’s close of 64.41.
9.10am: The 10-year bond yield was trading at 6.843% compared to its previous close of 6.822%. Bond yields and prices move in opposite directions.
9.00am: Thai baht was up 0.45%, Japanese yen 0.41%, Singapore dollar 0.32%, South Korean won 0.27%, Taiwan dollar 0.21%, China offshore spot 0.14%, Indonesian rupiah 0.12% and Malaysian ringgit 0.07%.
With inputs from Reuters