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Sensex, Nifty Down; TCS Shares Fall On Weak Earnings

Top Indian software services exporter TCS fell as much as 2.9 per cent after the company on Thursday reported a 6 per cent fall in consolidated quarterly net profit, missing estimates as a stronger rupee hit revenue.
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Sensex, Nifty Down; TCS Shares Fall On Weak Earnings

The NSE Nifty fell on Friday after briefly trading above 9,900 for the first time as investors booked profits following a four-day winning streak, while Tata Consultancy Services Ltd fell on disappointing earnings.

The benchmark BSE Sensex also retreated, falling below the 32,000 mark it breached for the first time on Thursday. But both indexes were up around 2 pe rcent each for the week, their biggest weekly gains since mid-March.

Top Indian software services exporter TCS fell as much as 2.9 per cent after the company on Thursday reported a 6 per cent fall in consolidated quarterly net profit, missing estimates as a stronger rupee hit revenue.



Investors booked profits in financial stocks such as ICICI Bank Ltd, down as much as 1.1 per cent after two straight sessions of gains. Yes Bank Ltd slid as much as 1.4 percent after gaining for five consecutive sessions.

"At higher levels, you will find some kind of profit-booking. Broadly, the undertone is positive," said Siddharth Sedani, head and vice president, equity advisory at Anand Rathi.

The broader Nifty was down 0.19 per cent at 9,872.50 as of 2.05 pm, after earlier hitting an all-time high of 9,913.3 earlier during the day.

The benchmark Sensex was 0.11 percent lower at 32,001.06 after earlier touching a record high of 32,109.75.

Infosys rose as much as 3 per cent after the IT firm reported quarterly profit above expectations.

Biocon surged as much as 10 per cent after the U.S. FDA's Oncologic Drugs Advisory Committee of experts unanimously recommended approval of breast cancer treatment Trastuzumab, developed by Mylan NV and Biocon.

 

© Thomson Reuters 2017



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