The Indian stock market closed lower on Friday with the NSE Nifty closing below the 8550 mark. The benchmarks under-performed the Asian peers, as index heavyweight Infosys posted disappointing results and slashed revenue forecasts. Infosys reported 4.47% fall in consolidated Net Profit figures at Rs 3,436 crore for the first Quarter Ended June 30, 2016 against Rs 3597 crore in the sequential quarter ended March 31, 2016. The company reported Rs 3028 crore net profit in the corresponding quarter a year ago. Nifty closed with a loss of 24 points at 8,541, while BSE Sensex ended with a loss of 106 points at 27,836.50.
On the global front, Asian stocks closed on mixed note. The Shanghai Composite index closed marginally lower. Hong Kong’s Hang Seng index and Nikkei 225 gained ended higher.
European markets were trading in red. The FTSE 100 was trading down 0.20%. DAX and the CAC 40 were trading lower 0.47% each.
Infosys dropped 8.8% to Rs.1072 after posting weak numbers in Q1 FY17. The consolidated net profit dropped 4.4% to Rs. 3,436 crore in Q1 FY17 as against Rs.3,597 crore in Q4 FY16. The company posted rupee revenue of Rs.16,780 crore in Q1 FY17 as compared with Rs.16,550 crore qoq while the dollar revenue stood at $2,501 million as against $2,446 million.
TCS dropped 3% to Rs.2442 on BSE. The company registered a net profit of Rs.6,317 crore, up 9.9% yoy but down 0.4% qoq.
Wipro fell 2.8% to Rs.554.5 ahead to Q1 results. The top IT firm will announce its financial results for Q1 FY17 on Tuesday, July 19.
VRL Logistics plunged 5.7% to Rs.313 after huge block deal. Around 4.71 million shares of the company have changed hands in the company in a single block deal.
NIIT Technologies slipped 5.6% to Rs.470.The company posted a net profit of Rs.214.00 million for the quarter Ended June 30,2016 as compared to Rs.718.70 mn for the quarter ended June 30, 2015.
LIC Housing Finance jumped 3.5% to Rs.525 on BSE. The company posted a net profit of Rs.407.8 crore for the quarter ended June 30, 2016 as compared to Rs.382.1 crore for the quarter ended June 30, 2015.
Nava Bharat Ventures climbed 4% to Rs.242 after the company said its board will meet on 22 July to consider bonus shares.
DCB Bank slipped 4.3% to Rs.100.40. The bank posted net profit of Rs.47.01 crore for the first quarter ended June, which was marginally up from Rs.46.87 crore posted in the corresponding quarter of FY16.
Tata Motors gained 1.5% to Rs.492.90. The company’s subsidiary Jaguar Land Rover (JLR) is all set to start testing connected, autonomous and self-driving cars on UK roads, with a fleet of 100 to be produced over the next four years.
USDINR trade today trading down 17 paise at 67.08 per US dollar.
Out of 1,426 stocks traded on the NSE, 948 declined and 433 advanced today.
Top 5 Nifty Gainers: Tata Steel (3.80%), Bharti Airtel (3.32%), HDFC Bank (1.95%), HDFC (1.80%) and Tata Motors (1.48%).
Top 5 Nifty Losers: Infosys Ltd (-8.81%), TCS (-3.11%), Wipro (-2.81%), Coal India (-1.48%) and NTPC (-1.20%)
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