U.S. stocks declined sharply on Friday as a confluence of intensifying Greek default fears and new stock-market regulation from China kept investors on edge. Both S&P 500 and Dow Jones Industrial Average suffered their worst one-day point decline in more than three weeks.
The indices are finding it difficult to approach previous highs.Results are pouring in and there are no major surprises as yet. Reliance Industries’ record profit and high GRM appears to be mostly factored in by the street. TCS and Mindtree failed to attract buying interest and saw weakness post their results. Remember, both the companies had guided about the weakness in advance.
On Friday, the market fell sharply on account of heavy selling pressure in Pharma, IT and the banking stocks. This week will see March eight infrastructure industries data besides numbers from Infosys, HDFC Bank, HCL Tech, Wipro and Cairn India.
The outlook is a flat start. Nifty could well consolidate after a decline of 2% last week. Stocks in focus would Hindustan Zinc, Persistent Systems and Tata Sponge Iron which announce their numbers today. Reliance is likely to outperform after the oil and gas major posted consolidated profits of Rs6381 crore, 8.5% higher (YoY) as against Rs. 5881 crore. The standalone profits also swelled to Rs. 6240 Crore as against Rs5631 Crore.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “FY 2014-15 has been a very successful and important year for Reliance. In a time when the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings.”
Meanwhile, U.S. stocks declined sharply on Friday as a confluence of intensifying Greek default fears and new stock-market regulation from China kept investors on edge. Both S&P 500 and Dow Jones Industrial Average suffered their worst one-day point decline in more than three weeks.
Key indices snapped a two week winning streak led by selling pressure in realty, auto and the banking stocks. Better than expected February IIP data which hit 3-month high of 5% coupled with declining March CPI which came in at 3-month low of 5.17% failed to ignite sentiment during the week as Nifty lost 2%.
After disappointing results by TCS and Mindtree, expectations have adjusted lower from the rest of the IT sector manifested in across the board correction. Adverse cross currency, salary hike and higher visa cost are likely to mar earnings performance of IT companies in the current quarter. Expectations of a shaky near-term could underpin a further underperformance of the sector.
The Finance Minister, Arun Jaitley has promised a 'modern tax system' with low and globally competitive rates. The FM reportedly assured foreign investors against any retrospective action and said taxpayers will be seen as "partners and not as potential hostages or victims".
Piramal Enterprises Ltd. announced that it has agreed to acquire a majority stake in Health SuperHiway Private Limited (“HealthHiway”), a healthcare analytics company, over the next 12 months.
Reliance Communications stock ended 1% lower at Rs. 69 on reports that the company is planning to raise funds via an overseas bond issue to pay nearly Rs 1100 crore to the government.Moody's Investors Service has assigned a (P)Ba3 rating to Reliance Communications Limited's (RCOM) proposed USD senior secured notes.
Tata Consultancy Services stock ended 4% lower at Rs. 2476 after company posted Q4 results.The stock has hit a high of Rs. 2561 and a low of Rs. 2471.
The Company has posted a net profit of Rs. 37126.70 mn for the quarter ended March 31, 2015 as compared to Rs. 53576.10 n for the quarter ended March 31, 2014.
Mahindra and Mahindra Ltd stock ended flat at Rs 1224.The company is reportedly set to buy Italian auto-design firm Pininfarina SpA.
Shares of Rolta India Ltd ended 3% lower to Rs 149.The research firm issued a strong sell report on Rolta India, saying the company does not produce free cash flow and cannot repay offshore bondholders without refinancing.
Shares of R.S Software Ltd were closed lower 8.5% at Rs. 197 on BSE. The company reported net profit of Rs. 15.5 crore in Q4 FY15 against Rs. 17 crore in the same period last quarter.
Lupin Ltd stock ended 7% lower at Rs. 1768.Report said that USFDA allowed Aurobindo Pharma to sell a generic antibiotic drug Cefixime.
On Friday, the market fell sharply on account of heavy selling pressure in Pharma, IT and the banking stocks. This week will see March eight infrastructure industries data besides numbers from Infosys, HDFC Bank, HCL Tech, Wipro and Cairn India.
The outlook is a flat start. Nifty could well consolidate after a decline of 2% last week. Stocks in focus would Hindustan Zinc, Persistent Systems and Tata Sponge Iron which announce their numbers today. Reliance is likely to outperform after the oil and gas major posted consolidated profits of Rs6381 crore, 8.5% higher (YoY) as against Rs. 5881 crore. The standalone profits also swelled to Rs. 6240 Crore as against Rs5631 Crore.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “FY 2014-15 has been a very successful and important year for Reliance. In a time when the collapse of crude oil prices unsettled the hydrocarbons markets, our refining business delivered record earnings.”
Meanwhile, U.S. stocks declined sharply on Friday as a confluence of intensifying Greek default fears and new stock-market regulation from China kept investors on edge. Both S&P 500 and Dow Jones Industrial Average suffered their worst one-day point decline in more than three weeks.
Key indices snapped a two week winning streak led by selling pressure in realty, auto and the banking stocks. Better than expected February IIP data which hit 3-month high of 5% coupled with declining March CPI which came in at 3-month low of 5.17% failed to ignite sentiment during the week as Nifty lost 2%.
After disappointing results by TCS and Mindtree, expectations have adjusted lower from the rest of the IT sector manifested in across the board correction. Adverse cross currency, salary hike and higher visa cost are likely to mar earnings performance of IT companies in the current quarter. Expectations of a shaky near-term could underpin a further underperformance of the sector.
The Finance Minister, Arun Jaitley has promised a 'modern tax system' with low and globally competitive rates. The FM reportedly assured foreign investors against any retrospective action and said taxpayers will be seen as "partners and not as potential hostages or victims".
Piramal Enterprises Ltd. announced that it has agreed to acquire a majority stake in Health SuperHiway Private Limited (“HealthHiway”), a healthcare analytics company, over the next 12 months.
Reliance Communications stock ended 1% lower at Rs. 69 on reports that the company is planning to raise funds via an overseas bond issue to pay nearly Rs 1100 crore to the government.Moody's Investors Service has assigned a (P)Ba3 rating to Reliance Communications Limited's (RCOM) proposed USD senior secured notes.
Tata Consultancy Services stock ended 4% lower at Rs. 2476 after company posted Q4 results.The stock has hit a high of Rs. 2561 and a low of Rs. 2471.
The Company has posted a net profit of Rs. 37126.70 mn for the quarter ended March 31, 2015 as compared to Rs. 53576.10 n for the quarter ended March 31, 2014.
Mahindra and Mahindra Ltd stock ended flat at Rs 1224.The company is reportedly set to buy Italian auto-design firm Pininfarina SpA.
Shares of Rolta India Ltd ended 3% lower to Rs 149.The research firm issued a strong sell report on Rolta India, saying the company does not produce free cash flow and cannot repay offshore bondholders without refinancing.
Shares of R.S Software Ltd were closed lower 8.5% at Rs. 197 on BSE. The company reported net profit of Rs. 15.5 crore in Q4 FY15 against Rs. 17 crore in the same period last quarter.
Lupin Ltd stock ended 7% lower at Rs. 1768.Report said that USFDA allowed Aurobindo Pharma to sell a generic antibiotic drug Cefixime.
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