Infosys was down 4 percent after lowering of full year EBIT margin guidance.
Market Update: Benchmark indices were mildly lower, with the Sensex falling 57.90 points to 34,134.75 and the Nifty declining 13.90 points to 10,466.70.
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Infosys, Tata Motors and Reliance Industries pulled the market lower while ITC, HDFC Bank and HDFC helped the market recover from opening lows.
The market breadth is in favour of declines. About 1,134 shares declined against 909 advancing shares on the BSE.
Market Outlook: Gaurav Jain, Director, Hem Securities said global clues, earnings and macroeconomic data will dictate market trend this week. Apart from on-going geopolitical concerns and on-going earnings seasons, markets will now keep an eye on upcoming Karnataka State elections. Any new developments on that front will affect market swings.
The results season would take center stage once again as some of the index-heavyweight companies are scheduled to release their quarterly this week. HDFC Bank, TCS and IndusInd Bank are among the big names releasing their quarterly numbers this week.
On macro front, the government will announce inflation data based on wholesale price index (WPI) for March today . Wholesale prices rose by 2.48 percent year-on-year in February 2018, after a 2.84 percent increase in the prior month.
On the global front, China will announce Q1 GDP annual growth rate on Tuesday. Japanese industrial production data for February will be declared on Tuesday. Japanese inflation data for March will be announced on Friday.While the US industrial production data for March will be unveiled on Tuesday, 17 April 2018.
The results season would take center stage once again as some of the index-heavyweight companies are scheduled to release their quarterly this week. HDFC Bank, TCS and IndusInd Bank are among the big names releasing their quarterly numbers this week.
On macro front, the government will announce inflation data based on wholesale price index (WPI) for March today . Wholesale prices rose by 2.48 percent year-on-year in February 2018, after a 2.84 percent increase in the prior month.
On the global front, China will announce Q1 GDP annual growth rate on Tuesday. Japanese industrial production data for February will be declared on Tuesday. Japanese inflation data for March will be announced on Friday.While the US industrial production data for March will be unveiled on Tuesday, 17 April 2018.
Market Outlook: Dinesh Rohira of 5nance.com said based on a Fibonacci retracement, a support for the Nifty50 placed at 10,417 levels and resistance at 10561 levels.
With positive set of macro data, and better-expected earnings result, the index is likely to build uptrend momentum in coming session as it decisively indicated in the last week trade.
However, a geopolitical tension is expected to keep index volatile on a rangebound move although we maintain an upwards bias at 10,630 levels on weekly basis and at 10,390 on the downside.
Rupee Update: The rupee fell 20 paise to 65.40 against the US dollar on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities.
Geopolitical tensions over Syria and trade war concerns weighed on the domestic unit. But, a weak dollar against major global currencies capped some losses, forex dealers said.
India's exports dipped by 0.66 percent to USD 29.11 billion in March, even as they increased by 9.78 percent for the full 2017-18 fiscal.
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With positive set of macro data, and better-expected earnings result, the index is likely to build uptrend momentum in coming session as it decisively indicated in the last week trade.
However, a geopolitical tension is expected to keep index volatile on a rangebound move although we maintain an upwards bias at 10,630 levels on weekly basis and at 10,390 on the downside.
Rupee Update: The rupee fell 20 paise to 65.40 against the US dollar on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities.
Geopolitical tensions over Syria and trade war concerns weighed on the domestic unit. But, a weak dollar against major global currencies capped some losses, forex dealers said.
India's exports dipped by 0.66 percent to USD 29.11 billion in March, even as they increased by 9.78 percent for the full 2017-18 fiscal.
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The rupee closed higher by 6 paise at 65.20 in the previous session on Friday on the back of positive macroeconomic data and firm local equities.
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.
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.
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