Health Care

Sensex, Nifty Seen Flat As TCS Results Disappoint

Sensex, Nifty Seen Flat As TCS Results Disappoint

Indian shares ended marginally lower on Friday snapping their four-day record breaking rally as traders rushed to book profit in recent gainers. It surpassed its previous intra-day high of 9,897.25 touched yesterday.

TCS was a major drag, losing as much as 2.9 per cent after the company on Thursday reported 6 per cent decline in consolidated net profit for the June quarter. Shares of NTPC (up 2.47 per cent), Kotak Bank (up 1.30 per cent) and Cipla (up 0.96 per cent) offered some help.

The BSE benchmark Sensex closed 16.63 points lower at 32,020.75 while the Nifty50 index shed 5.35 points to close at 9,886.35 as gains in energy and pharma shares were offset by losses in IT and auto stocks.

Among the other losers: Coal India, ITC, Wipro and Tata Motors fell between 1 percent to 2 percent. We believe that possibility of rate cut would further fuel the rally ahead and any dip in between should be used as buying opportunity.

The stock has fallen nearly 5 percent on an year-to-year basis.

Most Asian stocks were trading higher in anticipation of U.S. inflation data and earnings from some large banks.

Stifel Nicolaus Downgrades Snap Inc. (NYSE:SNAP) to Hold
He kept the company's price target - the amount a stock is projected to be worth after a 12-month period - steady at $22. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $158.32 million.

"Broad market indices like the BSE mid-cap and BSE small-cap indices gained less, thereby underperforming the main indices", Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.

Barring healthcare and consumer durables, all other BSE sectoral indices were trading in the negative zone.

BSE IT bled the most, losing 0.95 per cent in trade.

In Asian markets, China stocks ended mixed for the week, with the bluechip index closing at 19-month high.

Indian shares look set to open largely unchanged on Friday after Tata Consultancy Services, India's largest software services exporter, reported first-quarterly results largely below consensus estimates, despite steady growth across industries and robust volumes from major markets, driven by good clients additions across revenue brands.


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