Market may open flat to slightly lower

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 6 points at the opening bell. Most Asian shares rose on Friday after China's second-quarter gross domestic product data landed in line with forecasts. In corporate news, TCS said after market hours on Thursday, 12 July 2012, its consolidated net profit as per Indian GAAP jumped 14.6% to Rs 3318 crore on 12.1% growth in revenue to Rs 14869 crore in Q1 June 2012 over Q4 March 2012. Operating profit rose 10.8% to Rs 4077 crore in Q1 June 2012 over Q4 March 2012. Consolidated net profit as per International Financial Reporting Standards (IFRS) rose 2.89% to $604 million on 3.02% growth in revenue to $2.728 billion in Q1 June 2012 over Q4 March 2012. TCS said growth in Q1 June 2012 was quite broad-based. Growth was seen across all industry segments, led by Retail, Telecom and BFSI, TCS said in a statement. There was balanced growth across IT and other service lines led by BPO, enterprise solutions & infrastructure services, TCS said. Major markets grew smartly led by UK, USA and Europe alongside growth markets like Latin America, TCS said. TCS added 29 new clients in Q1 June 2012.

Power Sector

 Power Sector 

Sensex takes a 257 points hit; Infosys biggest loser

It was yet another bad day for Indian markets with the Sensex losing 257 points and the Nifty falling 71 points. Global cues, Infosys results spoiled the market mood so much that even improved IIP nos were ignored. Major Headlines: Infosys slips 10% after posting Q1 results IIP for May at 2.4% vs 0.1% in April After Petrol, its turn for diesel prices Earnings Season Shocker: Infosys disappoints; stock plunges 10% Indian Indices Market mood was punctured in trade today with benchmark indices trading in red throughout the day. IT giant Infosys played the spoilsport and tumbled as much as 10% during market hours owing to selling pressure after the software major slashed its dollar revenue guidance for FY13 to 5% against its earlier estimate of 8-10%. Owing to this, relentless profit booking was seen in the IT and technology shares, which led the Indian markets to close in the negative zone. The markets witnessed immense selling pressure throughout the day owing to global cues and Infosys' fall so much that the sentiments didn't get a boost even after the announcement of good IIP numbers. The industrial output improved in month of May but sadly it was ignored by the market. Movement of the Indian indices for the day: The Indian markets rang the opening bell today on a negative note and remained on the same track till the end of the day due to weak global cues. The Nifty and Sensex remained lower throughout the day by more than 1%, though it showed some recovery and drifted a little upwards from the day's low, but still closed in the red zone. IT giant Infosys' first quarter numbers and FY13 guidance dampened the mood of investors today. Further, in the afternoon session poor opening of European indices weighed on the market sentiments and Sensex touched the intraday low at 17,181.17. The broader indices were also in red, heading towards a weak market breadth. Profit booking led the markets to close the session lower in trade today. All-round selling also led the equities to trade with heavy losses. All the sectors closed in the red zone in today's trading session except realty and oil & gas. The major losers in Index heavyweights were - Infy, L&T, HDFC Bank, TCS, Bharti Airtel, ITC and ICICI Bank.

Infosys slumps after cutting FY 2013 guidance in dollar terms

Key benchmark indices fell for the second straight day to hit their lowest level in two weeks on weakness in global stocks and after IT major Infosys revised downwards both earnings and revenue growth guidance for the year ending March 2013 (FY 2013) in dollar terms after reporting disappointing Q1 June 2012 results before trading hours today, 12 July 2012. The barometer index, BSE Sensex, lost 256.59 points or 1.47%, up about 50 points from the day's low and off close to 100 points from the day's high. The market breadth was negative. From a recent high of 17,618.35 on 10 July 2012, the Sensex has declined 385.80 points or 2.18% in two trading sessions. The Sensex has fallen 197.43 points or 1.13% in this month so far (till 12 July 2012). The Sensex has jumped 1,777.63 points or 11.5% in calendar 2012 so far (till 12 July 2012).