Sensex sheds more gains

Last Updated: Fri, Jan 11, 2013 08:09 hrs

The market, which pared some gains after a rousing start, has given up further ground in afternoon trades with investors pressing some sales in non-IT stocks. Thanks to better than expected quarterly numbers and a fairly strong earnings guidance for fiscal 2013, Infosys is trading firm with a big gain today.

With other key IT stocks too posting impressive gains, the Sensex is holding on in positive territory despite some heavy selling in a few old economy heavyweights. However, the Nifty briefly slipped into negative territory this afternoon.

At 19,707.57, off the day's low of 19,681.63, the Sensex is now up with a gain of 44.01 points or 0.22%. The Nifty, which declined to 5960.55, is up 1.50 points or 0.03% at 5970.15.

In the currency market, the rupee declined against the U.S. dollar today. Around noon, the partially convertible Indian rupee was quoting at 54.66 against the greenback, down 9 paise or 0.17%. On Thursday, the rupee had ended at 54.57 against the dollar.

Infosys Limited reported a net profit of Rs 2265 crore for the quarter ended December 2012, as compared to a net profit of Rs 2235 crore it had recorded in the previous quarter. However, the standalone revenue for the third quarter rose by 8.3%. The company reported a revenue of Rs 9,878 crore as compared to Rs 9,118 crore in the corresponding period a year ago.

The IT major has forecast a revenue of around Rs 40,746 crore for fiscal year ending March 2013, higher than its September guidance of Rs 39,582 crore. The company has forecast earnings per share to be at least Rs 162.80 for the current fiscal, again higher than its September forecast.

Infosys (16%), Wipro (5%), Tata Consultancy Services (4.8%) and HCL Technologies (1.2%) and Sesa Goa (1.3%) are up with strong gains. Sesa Goa, Lupin, Maruti Suzuki and Cairn India are up marginally.

Hindustan Unilever, IDFC, Reliance Infrastructure, ONGC, Ambuja Cements, Mahindra & Mahindra, Sun Pharmaceutical Industries, ITC, Grasim Industries and BPCL are trading lower by 2% - 2.6%.

Kotak Bank, Hindalco, BHEL, Tata Power, Siemens, Asian Paints, State Bank of India, HDFC, Coal India, Jindal Steel & Power, Tata Motors and HDFC Bank are trading lower by 1% - 2%.

According to the data released by the government this morning, industrial production declined 0.1% in November 2012. Manufacturing production rose 0.3% and electricity generation rose 2.4% in November 2012. Production of the mining sector declined 5.5% in November 2012. The government revised upwards industrial production growth for October 2012 to 8.34% from 8.21% reported earlier.

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