Sensex up marginally amid choppy movements; Infosys trims losses

Last Updated: Fri, Oct 14, 2016 11:47 hrs

The market is quite volatile so far this session, with traders reacting to results of IT majors Infosys and Tata Consultancy Services and the data on retail price inflation for September.

The Sensex, which declined to 27,548.18 after having advanced to 27,763.54 earlier in the session, is now at 27,685.08, up 41.97 points or 0.15%. The Nifty50 of the National Stock Exchange is up 7.65 points or 0.09% at 8581.

Data  released by the government on Thursday showed India's consumer price inflation to have slowed more than expected in September, advancing 4.31% (year-on-year), compared to 5.05% in August. In September 2015, inflation was 4.41%. While prices of food and beverages rose 4.12% annually and those of clothing and footware increased 5.19%, housing costs were up 5.18% and fuel prices increased 3.07%.

On the results front, Tata Consultancy Services reported a profit of Rs 6603 crore for the September quarter, up 4.51% compared to the June quarter. TCS is currently trading 0.6% up at Rs 2342.50, after scaling a low of 2298.85 and a high of Rs 2384.40 earlier in the day.

Infosys posted a net profit of Rs 3606 crore for the quarter ended September 30, 2016 as compared to Rs 3398 crore for the quarter ended September 30, 2015. The IT major lowered its sales growth forecast for financial year 2016-17 to 7.5% - 8.5% in dollar terms. Infosys, which declined sharply to Rs 996.15, has come back strongly and is currently trading at Rs 1040, down just about 1.1% from its previous closing price. Before announcement of results, the stock had advanced to Rs 1080.70.

Dr Reddy's Laboratories has announced that it has launched Aripiprazole tablets in 2mg, 5mg, 10mg, and 30mg, a therapeutic equivalent generic version of Ablify tablets in the US market following the approval from the US Food and Drug Administration. The stock, which opened on a positive note this morning, is currently trading marginally down.

Lupin is down 1.3%. Lupin has entered into an agreement with Boehringer Ingelheim to co-market empagliflozin, a novel drug for the treatment of Type-II diabetes in adults.

Jubilant Life Sciences is up 1.5% after the company said that it has received the final approval from the US health regulator for Darifenacin Extended-Release Tablets, used for the treatment of urinary incontinence.

Shreyas Shipping & Logistics vaulted to Rs 308 after the company said that its wholly owned subsidiary Shreyas Relay Systems will sell its stake of 51% in SRS Freight Management to BSL Freight Solutions. The stock has come off the day's high now and is trading at Rs 290, up 2.8% from its previous closing price.

More from Sify: