Infosys was down 4 percent after lowering of full year EBIT margin guidance.
The market is off its opening lows, with the Sensex falling 100 points due to selling pressure in technology, oil exploration, and select banks stocks.
Infosys was the biggest loser among Nifty50 stocks, down 4 percent after the company lowered its full-year margin guidance.
Bhansali Engineering was down 3 percent while ICICI Securities, DCB Bank, Gruh Finance gained up to 6 percent after March quarter earnings.
Revenue from operations in March quarter grew by 13 percent to Rs 142 crore and net profit increased 50 percent to Rs 6 crore compared to year-ago quarter.
EBITDA (earnings before interest, tax, depreciation, and amortization), however, fell 22.7 percent year-on-year to Rs 17 crore and margin contracted by 550 basis points to 12 percent for the quarter ended March 2018.
Market Update: Benchmark indices recouped half of the opening losses, supported by ITC and HDFC Bank.
Infosys, Tata Motors and Reliance Industries continued to trade lower, putting pressure on the market.
The 30-share BSE Sensex was down 96.96 points at 34,095.69 and the 50-share NSE Nifty fell 26.40 points to 10,454.20.
About two shares declined for every share rising on the BSE.
Market Outlook: Rahul Sharma, Senior Research Analyst at Equity99 said rising crude oil prices and geopolitical risk from the global markets would be important factors that could impact the sentiment going forward.
On Friday, President Donald Trump had ordered strikes on Syrian targets, seeking to punish President Bashar Assad for a suspected chemical attack near Damascus.
Any new development on this front will affect global sentiments, including Indian markets.
Market Update: Equity benchmarks opened lower, with the Sensex falling below 34,000 levels following a negative lead from SGX Nifty futures and global stocks.
The 30-share BSE Sensex was down 229.59 points at 33,963.06 and the 50-share NSE Nifty fell 66.20 points to 10,414.40.
Infosys was down 4 percent after lowering of full-year EBIT margin guidance.
Tech Mahindra, Wipro, Tata Motors, Axis Bank, IOC, Hindalco, Vedanta and ICICI Bank were under pressure in early trade.
Hero Motocorp, Bajaj Auto, M&M, Cipla, ITC and Bajaj Finserv gained.
The Nifty Midcap index was down 126 points.
UCO Bank, Rane Brake, Bhansali Engineering and NIIT Technologies slipped up to 13 percent.
Mishra Dhatu, DCB Bank, Gruh Finance and ICICI Securities gained up to 4 percent.
Benchmark indices settled sharply lower in pre-opening, with the Sensex falling 247.92 points to 33,944.73 and the Nifty declining 82.30 points to 10,398.30.
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Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.
Infosys which reported over 28% QoQ fall will be on investors’ radar. The IT major Q4 results met the Street’s estimates, but its outlook for FY19 has unsettled investors.
Most brokerage firms remain mixed on the outlook but see Infosys climbing 1300 levels in next 12 months
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Market Check: Benchmark indices were subdued in pre-opening on Monday, following a negative lead from global stocks and SGX Nifty futures.
The 30-share BSE Sensex was down 85.69 points at 34,106.96 and the 50-share NSE Nifty declined 66.10 points to 10,414.50.
Trends on SGX Nifty indicated a negative opening for the broader index in India, a fall of 60 points or 0.57 percent. Nifty futures were trading around 10,443-level on the Singapore Stock Exchange.
Financial stocks led a drop on Wall Street on Friday as results from big banks failed to enthuse and fear of broader conflict in Syria further unnerved investors.
The Dow Jones Industrial Average fell 122.91 points, or 0.5 percent, to 24,360.14, the S&P 500 lost 7.69 points, or 0.29 percent, to 2,656.3 and the Nasdaq Composite dropped 33.60 points, or 0.47 percent, to 7,106.65, Reuters reported.
Share markets started firmer in Asia on Monday amid relief U.S.-led strikes on Syria looked like being a one-off event that avoided a direct confrontation with Russia, weighing on oil prices and safe-haven Treasuries. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent. Japan’s Nikkei added 0.3 percent, Reuters reported.
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