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Indian shares subdued ahead of Infosys results; TCS, L&T Infotech lag

Stock MarketsJan 11, 2019 11:40
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© Reuters. Indian shares subdued ahead of Infosys results; TCS, L&T Infotech lag

* NSE index down 0.1 pct, BSE 0.11 pct lower

* TCS drops 2 pct after missing margin estimates

* Infosys shares lower ahead of earnings

By Chandini Monnappa

Jan 11 (Reuters) - Indian shares were little changed on Friday, as investors awaited technology giant Infosys Ltd's INFY.NS results for clarity after rival Tata Consultancy Services' TCS.NS quarterly margins contracted.

TCS, the country's top software services exporter, kicked off the December-quarter corporate earnings on Thursday by posting a 24.1 percent rise in quarterly profit but missed margin estimates. is a sense of caution among investors, and there is a fairly bearish sentiment out there, but the index is holding its own and not selling off," said Sunil Sharma, chief investment officer with Sanctum Wealth Management, Mumbai.

"This suggests that the market is willing to look past all the bad news and that is typically suggestive of bull market action."

The broader NSE index .NSEI was down 0.1 percent at 10,811.20 as of 0520 GMT, while the benchmark BSE index .BSESN was 0.11 percent lower at 36,065.05. For the week, however, both the indices were poised to finish higher.

TCS shares were down as much as 2.72 percent and on track for their third straight session of losses.

Shares of Infosys Ltd INFY.NS , scheduled to report quarterly earnings later in the day, were trading 0.38 percent lower.

Losses on the NSE index were driven by TCS, Larsen & Toubro (NS:LART) Infotech Ltd LRTI.NS and Reliance Industries Ltd RELI.NS

"The large caps in particular are showing resilience. There are fairly positive cues in terms of macros, domestically we should start seeing improvements from corporate banks and PSUs based on lower loan provisioning," Sharma said.

Some Indian state-owned banks will have to wait for about a month before knowing which of them will have lending curbs eased after a Reserve Bank of India panel reviews their December quarter results, an official with direct knowledge of the matter told Reuters on Thursday. Nifty Finance index .NIFTYFIN was up 0.12 percent, while Nifty PSU bank index .NIFTYPSU was down 0.8 percent.

Indian shares subdued ahead of Infosys results; TCS, L&T Infotech lag
 

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