BSE Sensex falls 55 points, NSE Nifty down 0.50 pct
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NSE Nifty fell for a third consecutive session on Friday, heading towards its lowest close in two weeks as IT exporters declined on concerns over fourth-quarter earnings after bellwether Tata Consultancy Services’ results failed to cheer investors.
Money managers worry slowdown seen by India’s largest software services exporter could be an indicator of an industry-wide trend and marks a weak start to the January-March earnings season.
Investment bank UBS reduced its target for India’s broader NSE index to 9,200 from 9,600 saying growth recovery is slower than expected and is playing out in quarterly corporate results.
“Jan-March earnings are already expected to be weak and TCS results have just made case for a reduction in market’s estimates,” said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.
The 50-shares NSE index fell 0.7 percent, heading towards its lowest close since April 1, while the benchmark BSE index is down 0.4 percent.
Both the indexes are also heading for their first weekly fall in three with the BSE index down 1.1 percent and the NSE index declined 1.6 percent.
Software exporters led the declines. The NSE benchmark for technology stocks, CNX IT index, was down 2 percent, heading towards its biggest daily fall since March 26.
Infosys shares fell 0.8 percent, Wipro lost 2.5 percent, while Tech Mahindra dropped 2.6 percent and HCL Technologies fell 1.5 percent.
Among drug makers, Lupin slumped 5.5 percent, heading towards its biggest daily fall since August 2013, after rival Aurobindo Pharma got U.S. Food and Drug Administration’s approval for generic Suprax, which is Lupin’s flagship anti-infective brand in the U.S.
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New Zealand's food safety regulator on Wednesday said it is investigating possible contamination in spice products of top Indian brands MDH and Everest after they faced scrutiny in other countries.
The United States and Australia have been looking into contamination after Hong Kong last month suspended sales of three spice blends of MDH and one of Everest, saying they contained high levels of a cancer-causing pesticide, ethylene oxide.
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The Canadian government has fined IT giant Infosys approximately Rs 82 lakh for allegedly failing to fulfil the complete employee health tax obligation for the financial year ending December 31, 2020.
This fine translates to over 134,000 Canadian dollars, according to a recent regulatory filing. "Penalty imposed on alleged underpayment of Employee Health Tax for the year ended December 31, 2020," stated the filing.
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Life Insurance Corporation of India (LIC) has got a three-year-extension from the Securities and Exchange Board of India (Sebi) to achieve 10 per cent public shareholding, the state-owned firm told the exchanges on Wednesday.
LIC has to get its public shareholding to 10 per cent on or before May 16, 2027.
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India’s largest cinema operator is in discussions to screen key matches during the International Cricket Council Men’s T20 World Cup, in a bid to lure patrons as movies continue to struggle at the box office.
“Our biggest focus is to stay relevant as a medium,” PVR Inox Ltd.’s Chief Financial Officer Nitin Sood said in an interview. The operator would show key games from the tournament, which starts next month, he said.
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Aadhar Housing Finance made a flattish stock market debut on Wednesday with its shares of housing finance company (HFC) getting listed at Rs 315 per share, a 0.22 per cent discount over its issue price of Rs 315 per share.
However, after listing the stock of the company moved up to 4.7 per cent at Rs 329 a piece in intraday deals on the BSE.
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