ITC, TCS, HDFC, HDFC Bank and Tata Motors were top contributors to Sensex' loss whereas Kotak Mahindra Bank, Infosys and SBI outperformed.
3:30
pm Market Closing: Equity benchmarks closed moderately lower after
rangebound trade on Friday, dragged by technology, HDFC Group, metals
and select auto stocks.
The 50-share NSE Nifty failed to hold 9,900 level, down 5.35 points at 9,886.35. The 30-share BSE Sensex was down 16.63 points at 32,020.75 on weak breadth.
About 1,685 shares declined against 1,006 advancing shares on the BSE.
Infosys lost ground in last hour of trade, down 0.6 percent after trading higher for most part of the session.
The 50-share NSE Nifty failed to hold 9,900 level, down 5.35 points at 9,886.35. The 30-share BSE Sensex was down 16.63 points at 32,020.75 on weak breadth.
About 1,685 shares declined against 1,006 advancing shares on the BSE.
Infosys lost ground in last hour of trade, down 0.6 percent after trading higher for most part of the session.
3:05
pm Market Outlook: ICICI Securities believes the Nifty is eventually
moving towards 10500. However, this up move could see intermediate
profit bookings, according to the research firm.
The current Nifty up move is primarily driven by private banking, NBFC and the FMCG space. As more than 65 percent contribution has come from these sectors, it is logical to have concern regarding some cool-off in their prices.
On the other hand, there are sectors like cement, PSU banking, telecom and auto, which have seen in line performance. Thus, the leadership baton may be passed on to other sectors in case of profit booking in the outperforming space, which is likely to restrict Nifty declines.
Hence, the current lower volatility period is also expected to continue, it feels.
2:45 pm CLSA on Infosys: Infosys has clearly put out stronger numbers compared to the disasters in Q3 and Q4. However, revenue momentum in core markets (US, FS, Retail) lacks conviction to suggest that this will continue.
While it was good to see healthy variable payouts across this quarter, the business appears to be operating under extreme cost control thanks to good work under CFO Ranga and Dy COO Ravi. Infosys needs revenue growth to pick up to sustain margins and retain the ability to invest in talent.
What’s surprising is the relatively low margin increase despite flexing several levers. We are somewhat surprised that Infosys hasn’t seen the benefit of FTE release on easing the utilisation pressures.
We fear that extremely high utilisation may constrain future growth and feel limited incremental margin levers to recover from wage hikes. With lack of conviction on sustaining growth, limited margin levers and likely pricing pressure from legacy contracts we remain unconvinced of differentiation and stay underperform.
2:15 pm Infosys Vs TCS: IT giants TCS and Infosys delivered their much awaited first quarter earnings, which were mixed in performance. Quantam wise both are not comparable but in growth terms Infosys beat TCS.
Infosys on Friday surprised the Street by reporting better-than-expected 2.7 percent growth in constant currency revenue and lower-than-expected 3.3 percent fall in profit.
At the same time, however, the Tata Group firm lagged Infosys as it posted 2 percent revenue growth in constant currency and 10 percent fall in bottomline.
1:45 pm Infosys attrition: Attrition rate at IT bellwether Infosys registered 21 percent increase on an annualised consolidated basis from 17.1 percent in March 2017 and the same on standalone basis rose to 16.9 percent from 13.5 percent QoQ.
Attrition in business can mean the reduction in staff and employees in a company through normal means, such as retirement and resignation, the loss of customers or clients to old age or growing out of the company's target demographic, investor education portal Investopedia explained.
Against 800 personnel added to its staff in March 2017, around 1800 people had quit the firm for the June quarter.
The company further added that utilisation (excluding trainees) grew by 2 percent to 84 percent and utilisation (including trainees) increased to 80.2 percent from 78.2 percent on sequential basis.
The current Nifty up move is primarily driven by private banking, NBFC and the FMCG space. As more than 65 percent contribution has come from these sectors, it is logical to have concern regarding some cool-off in their prices.
On the other hand, there are sectors like cement, PSU banking, telecom and auto, which have seen in line performance. Thus, the leadership baton may be passed on to other sectors in case of profit booking in the outperforming space, which is likely to restrict Nifty declines.
Hence, the current lower volatility period is also expected to continue, it feels.
2:45 pm CLSA on Infosys: Infosys has clearly put out stronger numbers compared to the disasters in Q3 and Q4. However, revenue momentum in core markets (US, FS, Retail) lacks conviction to suggest that this will continue.
While it was good to see healthy variable payouts across this quarter, the business appears to be operating under extreme cost control thanks to good work under CFO Ranga and Dy COO Ravi. Infosys needs revenue growth to pick up to sustain margins and retain the ability to invest in talent.
What’s surprising is the relatively low margin increase despite flexing several levers. We are somewhat surprised that Infosys hasn’t seen the benefit of FTE release on easing the utilisation pressures.
We fear that extremely high utilisation may constrain future growth and feel limited incremental margin levers to recover from wage hikes. With lack of conviction on sustaining growth, limited margin levers and likely pricing pressure from legacy contracts we remain unconvinced of differentiation and stay underperform.
2:15 pm Infosys Vs TCS: IT giants TCS and Infosys delivered their much awaited first quarter earnings, which were mixed in performance. Quantam wise both are not comparable but in growth terms Infosys beat TCS.
Infosys on Friday surprised the Street by reporting better-than-expected 2.7 percent growth in constant currency revenue and lower-than-expected 3.3 percent fall in profit.
At the same time, however, the Tata Group firm lagged Infosys as it posted 2 percent revenue growth in constant currency and 10 percent fall in bottomline.
1:45 pm Infosys attrition: Attrition rate at IT bellwether Infosys registered 21 percent increase on an annualised consolidated basis from 17.1 percent in March 2017 and the same on standalone basis rose to 16.9 percent from 13.5 percent QoQ.
Attrition in business can mean the reduction in staff and employees in a company through normal means, such as retirement and resignation, the loss of customers or clients to old age or growing out of the company's target demographic, investor education portal Investopedia explained.
Against 800 personnel added to its staff in March 2017, around 1800 people had quit the firm for the June quarter.
The company further added that utilisation (excluding trainees) grew by 2 percent to 84 percent and utilisation (including trainees) increased to 80.2 percent from 78.2 percent on sequential basis.
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