(Source: Poll of Polls)
Stock Market: Sensex Sheds 87 Points, Nifty Closes At 16,216 Amid Weak Cues, TCS Tanks 5 Per Cent
Stock update: On the BSE platform, Bharti Airtel, TCS, HCL Technologies, Infosys, Wipro, Tech Mahindra, Larsen & Toubro, and Power Grid were the major laggards
Sensex and Nifty, the two key domestic benchmarks, on Monday turned highly volatile in the last hour of trade. The indices recouped most of their losses to the flat line, snapping their 3-day winning run amid weak trends in global markets.
The 30-share BSE benchmark declined 86 points (0.16 per cent) to settle at 54,395.23. During the day, it fell by 391.31 points or 0.71 per cent to 54,090.53, while the broader NSE Nifty dipped 4.60 points (0.03 per cent) to close at 16,216.
On the BSE platform, Bharti Airtel, TCS, HCL Technologies, Infosys, Wipro, Tech Mahindra, Larsen & Toubro, and Power Grid were the major laggards. TCS fell 4.64 per cent after its earnings failed to match market expectations.
The country's largest software exporter TCS on Friday reported a 5.2 per cent rise in June quarter net profit to Rs 9,478 crore, restricted by the impact of annual wage hikes and promotions that took operating profit margins to multi-quarter lows.
Brokerage firm Prabhudas Lilladher said the company has missed on both revenue and margins in the June quarter results. Meanwhile, Tata Steel, M&M, Dr Reddy's Lab, ICICI Bank, and Asian Paints were among the gainers.
On the other hand, the BSE SmallCap index outperformed the frontline indices as it added over 1 per cent. Its MidCap counterpart gained 0.6 per cent.
Sectorwise, except the Nifty IT index, which closed 3 per cent lower, all other indices eked out gains. The Nifty PSU Bank index was the top gainer, up 2 per cent, amid reports that the government is seeking to remove the 10 per cent shareholding cap for individuals in PSBs.
"As the domestic market turned its focus towards quarterly results, the weak start of IT earnings wounded the sentiments, forcing benchmark indices to open on a weak note. However, with support from banking, metal and energy stocks, the domestic market managed to pare its losses to close flattish," said Vinod Nair, Head of Research at Geojit Financial Services.
In Asia, markets in Shanghai, Hong Kong and Seoul settled lower, while Tokyo ended higher. Equity markets in Europe were trading lower in mid-session deals. The US markets had ended on a mixed note on Friday.
Meanwhile, international oil benchmark Brent crude declined 1.48 per cent to $106.3 per barrel.
Foreign institutional investors remained net sellers on Friday, offloading shares worth Rs 109.31 crore, as per exchange data.
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