Market Live: Sensex weak, rupee breaches 66/$; TCS hits record high, oil retailers rebound. Cyient, Mahindra CIE, Fortis Healthcare, Mishra Dhatu and IndusInd Bank gained up to 4 percent while Vakrangee was down 3.6 percent.
Cyient, Mahindra CIE, Fortis Healthcare, Mishra Dhatu and IndusInd Bank gained up to 4 percent while Vakrangee was down 3.6 percent.
Rupee Trade: Rupee weakened by 25 paise to breach the 66-level and hit its 13-month low of 66.05 against the US dollar due to the appreciation of the US currency overseas.
Rupee Trade: Rupee weakened by 25 paise to breach the 66-level and hit its 13-month low of 66.05 against the US dollar due to the appreciation of the US currency overseas.
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Increased demand for the dollar from importers also put pressure on the domestic unit.
Meanwhile, the minutes of the last meeting of the Monetary Policy Committee (MPC) indicated the Reserve Bank of India may shift to a hawkish monetary stance in June.
Dealers attributed the rupee's fall to dollar gains against other currencies overseas, persistent foreign fund outflows and a lower opening of the domestic equity market.
Yesterday, the rupee had lost 14 paise to close at a fresh 13-month low of Rs 65.80 as growing worries over higher crude prices and likely fiscal slippages led to subdued forex market sentiments.
Market Update: The market is mildly lower following weakness in global peers, dragged by banks, metals stocks, Reliance Industries, and ITC.
However, the buying in technology stocks capped market losses.
TCS is the biggest gainer among Nifty50 stocks, rising 4 percent to hit a fresh record high after reporting healthy quarterly earnings.
Infosys, HCL Technologies, Tech Mahindra and Wipro gained 2-3.5 percent while HPCL, BPCL, and IOC rebounded 1 percent each after yesterday's sharp sell-off.
Buzzing: Cyient rallied as much as 9.4 percent in morning trade, a day after the company reported 16.2 percent year-on-year (YoY) rise in net profit at Rs 121.5 crore for the quarter ended on March 31, 2018, compared to the year-ago period.
The Hyderabad-based company had posted a net profit of Rs 104.6 crore in the corresponding quarter a year ago, Cyient said in a statement.
Dealers attributed the rupee's fall to dollar gains against other currencies overseas, persistent foreign fund outflows and a lower opening of the domestic equity market.
Yesterday, the rupee had lost 14 paise to close at a fresh 13-month low of Rs 65.80 as growing worries over higher crude prices and likely fiscal slippages led to subdued forex market sentiments.
Market Update: The market is mildly lower following weakness in global peers, dragged by banks, metals stocks, Reliance Industries, and ITC.
However, the buying in technology stocks capped market losses.
TCS is the biggest gainer among Nifty50 stocks, rising 4 percent to hit a fresh record high after reporting healthy quarterly earnings.
Infosys, HCL Technologies, Tech Mahindra and Wipro gained 2-3.5 percent while HPCL, BPCL, and IOC rebounded 1 percent each after yesterday's sharp sell-off.
Buzzing: Cyient rallied as much as 9.4 percent in morning trade, a day after the company reported 16.2 percent year-on-year (YoY) rise in net profit at Rs 121.5 crore for the quarter ended on March 31, 2018, compared to the year-ago period.
The Hyderabad-based company had posted a net profit of Rs 104.6 crore in the corresponding quarter a year ago, Cyient said in a statement.
Its revenue increased 12.8 percent to Rs 1,061.8 crore in the said quarter against Rs 941 crore in the year-ago period.
“Cyient delivered strong revenue growth in 4QFY18 but disappointed on the margin front, but the management remains optimistic about Cyient’s growth prospects and has guided for double-digit growth in core IT services and 35 percent YoY growth in DLM,” HDFC Securities said in a note.
“Cyient delivered strong revenue growth in 4QFY18 but disappointed on the margin front, but the management remains optimistic about Cyient’s growth prospects and has guided for double-digit growth in core IT services and 35 percent YoY growth in DLM,” HDFC Securities said in a note.
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