The market is completly flat but the Nifty has managed to hold 8100 level. The 50-share index is up 1.55 points at 8133.25 and the Sensex is up 4.07 points at 26850.60, and the Nifty About 1356 shares have advanced, 773 shares declined, and 97 shares are unchanged. Hindalco, Vedanta, Tata Steel, Lupin and Infosys are gainers while TCS, Tata Motors, ICICI Bank,
Hero MotoCorp and Cipla are among losers. Aviation stocks are seeing buying interest once again with both SpiceJet and Jet Airways gaining 3-5 percent.
Shares of Tata Consultancy Services fell 4 percent intraday on Wednesday after it announced September quarter results last evening. It reported almost in-line Q2 earnings, with net profit jumping 6.1 percent to Rs 6055.2 crore while revenue grew by 5.8 percent quarter-on-quarter to Rs 27,165 crore. Profit and volume growth met analysts' expectations but revenue missed forecast for the fifth consecutive quarter. Lower other income and higher tax expenses capped bottomline growth.
Brokerages are still bullish on the stock. Most analysts are, however, concerned about its Japan business, insurance platform Diligenta and high hiring guidance.
Shares of Bharat Forge (BFL) have fallen 6 percent intraday after CLSA has downgraded the stock to sell from buy, citing weak operational outlook. The brokerage also slashed target price 49 percent to Rs 745 from Rs 1,465 apiece as it feels valuations are unlikely to sustain. Despite recent stock correction, it still sees 20 percent downside. In last six months, the stock has corrected more than 30 percent, especially after consistent fall in new truck orders in the US.Read More - Free Nifty Tips
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