Sensex Trades Lower; L&T, IndusInd Bank Top Losers

Share markets in India are presently trading on a negative note. Barring healthcare sector and IT sector, all sectoral indices are trading in red with stocks in the capital goods sector, power sector and metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 253 points (down 0.7%), while the NSE Nifty is trading down by 87 points (down 0.8%). The BSE Mid Cap index is trading down by 0.7% and the BSE Small Cap index is trading down by 0.5%.

The rupee is trading at Rs 70.82 against the US$.

In the latest development from the results corner, Shares of Avenue Supermarts, which owns and operates D-Mart supermarket chain, fell 9% in early trade after it reported a disappointing set of numbers for the quarter ended December 31, 2018.

The company has posted 2.1% year-on-year growth in net profit at Rs 2.6 billion. It had a profit of Rs 2.5 billion in the same quarter last fiscal.

The net profit growth during the quarter under review was slowest in eight quarters.

In another news, Infosys on Friday reported a 29.6% drop in consolidated net profit at Rs 36.1 billion for December quarter.

The IT firm had posted Rs 51.3 billion profit in the corresponding quarter last year.

Net sales for the quarter jumped 20.3% YoY to Rs 214 billion. On a sequential basis, sales grew 3.8% in rupee terms. Sales were up 2.7% QoQ in constant currency terms.

Consolidated attrition declined to 19.9% in Q3FY19 over 22.2% in the previous quarter. Further, the company revised its FY19 revenue guidance in constant currency (CC) terms to 8.5-9%. The guidance for operating margin (OPM) is retained at 22-24%.

The company also announced a share buyback under the open market route of Rs 82.6 billion at a maximum price of Rs 800 per share. It also announced a special dividend of Rs 4 per share.

Moving on to the news from the banking space, Yes bank share price is witnessing buying interest today as the bank appointed Brahm Dutt as its non-executive chairman.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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