Sensex, Nifty fall as Infosys tumbles after paring sales guidance
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Indian stocks declined for the first time this week as the quarterly results of the nation’s second-biggest software exporter disappointed investors.
Infosys Ltd tumbled the most since April 2013 after paring its annual sales outlook. Tata Consultancy Services Ltd (TCS), Asia’s largest technology exporter, decreased the most in five months. Coal India Ltd, the world’s largest miner of the fuel, and power generator NTPC Ltd both fell for a second day this week. Reliance Industries Ltd (RIL), owner of the world’s largest refining complex, rose before its earnings report due after market hours.
The S&P BSE Sensex decreased 0.38%, or 105.61 points, to 27,836.50 at the close, paring the weekly advance to 2.6%.
Nifty 50 closes 0.28%, or 23.60 points, lower at 8,541.40.
Investor are focusing on the June-quarter results season, which got underway on Thursday, for signs that the rally that pushed up the gauge’s valuation to near a five-year high this week are supported by company earnings.
“Company earnings will be looked at with a magnifying glass as the belief that there’s a recovery has been high after the last quarter,” Sadanand Shetty, a senior fund manager at Taurus Asset Management Co., which has $476 million, said by phone from Mumbai. “Management guidance is very important and if there’s a massive disappointment the stock will get punished.”
The Sensex entered a bull market on Monday, rebounding 21% from a low reached in February, helped by forecasts for above-normal rain after back-to-back droughts and a recovery in company earnings. Operating profits for companies in the NSE Nifty 50 Index rose about 10% in the three months ended March, the most since September 2014, reversing declines in four of the previous five periods, data compiled by Bloomberg show.
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