Market Outlook for the day – Multiple supports placed on the down side indicate that we may witness sideways move.
Infosys reported a 4% uptick in Q4 net profit at Rs 2,992 crore on a sequential basis. The consolidated revenue came in at Rs 12,875 crore, lower than Rs 13,026 reported in the previous quarter. EBIT came in at Rs 3,281 crore, and in terms of margin it was 25.48%. Revenue in dollar terms came in at $2,092 mn. Infosys gave the dollar revenue guidance for FY15 in the range of 7-9%.
Diageo Plc relaunched a bid to increase its stake in United Spirits Ltd, making a $1.9 billion bet on rising incomes in a country where consumption of alcohol remains relatively low.
The wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February. Food inflation went up to 9.90% in March from 8.12% in February.
Results on April 16,2014: Indusind Bank, Mindtree, TCS.
Increase in global crude oil prices and weak domestic macroeconomic data weighed on Indian stocks on the first trading session of the week. Volatility was witnessed as key benchmark indices slipped into the red after opening higher. Weakness continued on the bourses in afternoon trade as European stocks dropped in early trade there. High volatility was witnessed as market weakened once again after trimming losses in late trade. Metal and mining stocks edged lower. Shares of IT major Infosys edged higher in choppy trade after the company issued a guidance of 7% to 9% growth in revenue in dollar terms for the year ending 31 March 2015 (FY2015). The market breadth, indicating health of the market was negative.