Sensex, Nifty trade lower, Infosys shares fall 3%

At 10am Sensex was down 0.12% at 34,151.86 points while the Nifty 50 edged down 0.14% to 10,466 points

At 10am Sensex was down 0.12% at 34,151.86 points while the Nifty 50 edged down 0.14% to 10,466 points

The company lowered its profitability outlook to 22-24% for 2018-19, as against 24-26% two years back and suggested that India's second largest software services exporter continued to struggle to get more yield from its traditional outsourcing business, where profitability is dwindling. Inflation based on wholesale prices eased marginally to 2.47 per cent in March on cheaper food articles, especially pulses and vegetables.

The index had risen 1,173.88 points in the past seven sessions. 30-share BSE Sensex lost nearly 150 points to open below 34,000-mark, but the index soon mad e a comeback and was at 34,119.45, still 73.20 points down, at 9.30 am.

Tata Motors which closed 4.96% lower at 339 level was the top Sensex loser on reports that Britain's biggest carmaker Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to fall in sales caused by uncertainty around Brexit and confusion over diesel policy.

Market breadth was negative with 628 advances against 849 declines.

Healthy buying in healthcare, fast moving consumer goods (FMCG) and capital goods stocks supported the upward trajectory of key indices.

SGX Nifty is now trading in the red down 50 points at 10,452.

Major losers were Tata Motors DVR, Tata Motors, Infosys, Axis Bank, Tata Steel, ONGC and SBI.

Meanwhile, Cipla was the top gainer in the Nifty, up 2.71 per cent followed by Grasim and Lupin, which rose 2.18 per cent and 1.88 per cent respectively.

European markets ended in the green on Friday with the FTSE closing 0.09% higher, CAC ended up 0.11% while the DAX managed to end 0.22% higher.

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