Infosys shares fall 52-week low on Q2 results; Tata Consultancy Services up 0.5%
TCS shares are up 0.5 percent on profit booking
Shares of Infosys declined more than 5 percent after the company cut its revenue projection for the full year despite it beating the earnings estimate.
Meanwhile, TCS shares rose 0.5 percent as investors on profit booking after a sharp fall on Thursday in anticipation of a disappointing earnings and also owing to global jitters.
At 12:11 pm, Infosys shares were at Rs 1,041, down 1 percent and TCS at 2,341, up 0.5 percent. Earlier in the day, the company shares fell down by 5.31 percent to a Rs 996.15 , a 52-week low.
Investors in TCS had lost about Rs 10,000 crore on Thursday as the shares declined along with the broad market.
Infosys' net profit rose 4.9 percent on quarter to Rs 3,606 crore in July-September, beating market expectations as it racked up new business client wins. TCS on Thursday said its net profit rose 4.3 percent to Rs 6,586 crore boosted by an improvement in margins but said uncertainties in environment had resulted in holdbacks in discretionary spend by customers.
However, Infosys slashed revenue guidance due to its recent performance and "near-term uncertain business outlook".
While Sensex rose by 533.74 points to end at 59,299.32, Nifty saw a rise of 159.20 points to end at 17,691.25.
BSE smallcap and midcap indices went down by 0.5-1.2 percent. On the other hand, India VIX increased by 5.67 percent and ended at 17.33 levels.
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NSE Nifty 50 posted a gain of 104.85 points or 0.59 percent to end at 17,895.20. Talking about sectors, Nifty IT and PSU Bank index soared by two and 1.65 percent respectively