TCS kicked-off the Q1FY17 earnings season for information technology companies on Thursday.
ICICI Bank was the top loser along with index heavyweights RIL, ITC and HDFC.
The S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
Gains were led by index heavyweights with Reliance Industries contributing the most.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
Bank shares were the top losers along with index heavyweight RIL
Midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.
The progress of the GST Bill in Parliament is also likely to remain in focus
After the hit of the pandemic, India Inc is now worried about the adverse impact of inflation and higher commodity prices on their revenues and margins. The inflation scare is the strongest among manufacturers of consumer goods such as automobiles, consumer durables, and fast-moving capital goods (FMCG). Companies across sectors fear they will not be able to pass on the hike in input costs to their consumers due to weak demand, which, in turn, would lead to a hit on margins and profitability in the forthcoming quarters.
Infosys forecast a 10.8-12.3 per cent sales growth in the US dollar terms for 2016-17.
According to JP Morgan, it seems that Jio is willing to go for the jugular in chasing market share if this hurts some of its standing rivals like Vodafone and Idea to a point from where they find it difficult to fight back.
Index heavyweights ITC was the top gainer along with RIL and HDFC
Financial shares were among the top gainers with HDFC leading the gains.
Investors have turned cautious ahead of the policy meetings of central banks in Japan and the US
Private lenders HDFC Bank and ICICI Bank were the top gainers along with index heavyweights
Cement shares have been outperformers on the stock market
India's telecom sector has been through dizzying peaks, troughs, policy U-turns, court battles, brutal competition, and daily controversies. India could go back to a private sector duopoly with just Reliance Jio and Bharti Airtel surviving the mayhem. The third player, Vodafone Idea, could be history.
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
Tata Motors was the top gainer on better-than-expected June quarter revenues
Advance corporation tax collections grew 8 per cent in H1FY17 against 6 per cent last year. A moderate pick up in advance corporation tax collections suggest the sector might not witness significantly high growth in FY17, says Dilasha Seth.
The economists, who were surveyed, also felt it will take time for banks to make any further reduction in deposit rates
Investors turned cautious ahead of the US Fed meet outcome later today and July F&O expiry.
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
Urjit Patel as the new RBI governor whose focus is on taming inflation has lowered the probability of interest rate cut soon
PSU bank shares were the top gainers on hopes of a rate by the RBI on easing consumer inflation
They believe that the key reason behind such a high growth rate could be "a steep downward revision" of the year-ago base period.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances