NSE Nifty inched seemed to inch closer to the important milestone of 10,000 points, with the benchmark index breaching 9,900-mark in the opening trade for the first time ever. Nifty 50 opened at 9,913.3 points, but soon gave up gains to slip into the red. BSE Sensex too fared well in the opening trade, opening above 32,000 level that it breached yesterday for the first time ever, but soon slipped below it. At the time of writing, BSE Sensex was down 0.13% at 31994.63 points, while NSE Nifty was down 0.16% at 9,876.35 points.
The indices were dragged down by losses in the shares of TCS, which fell after reporting a disappointing first quarter earnings yesterday. On the other hand, Infosys gained after its first quarter earnings beat estimates. On Thursday, TCS posted disappointing financial results with its fiscal first-quarter net profit dropping 10% on-quarter to Rs 5,945 crore, falling short of street expectations. Shares of Tata Consultancy Services fall as much as 2.9% in early trade. The stock is top percentage loser on Nifty 50.
Yesterday, the domestic markets hit a record high, with Sensex gaining over 200 points to strike the new level of 32,000 points while the broader Nifty 50 advanced more than 50 points to hit a new all-time high of 9,885.65 points.
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The market is taking cues from global markets today, SMC Research said in its morning note. Asian stocks are mixed in today’s trade as investors await U.S inflation data and earnings from major U.S banks, including JPMorgan Chase, Citigroup and Wells Fargo. U.S. stocks rose and Treasuries fell as oil prices extended gains for a fourth straight session and investors digested new economic data on jobless claims and producer prices, said SMC research.
Indian markets are now reflecting the mixed mood ahead of the corporate earnings. The domestic markets are also weighing on the macro data, i.e., WPI inflation and WPI– food, fuel, manufacturing which is due later today at 12:00 pm.