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Infosys nosedives. Markets flat.

Indian IT giant Infosys has come up with its Q2 results, with a net profit rise of 3.5 percent on QoQ basis. However the EPS guidance has been cut from Rs.166 per share to Rs.160.

Appreciating rupee has made the company to cut its dollar revenue guidance to 5.7% versus 6% for FY13.

Markets have not received the Infy results too well. The stock has tumbled over 7.5% and is trading at 2339.

The Sensex fell 89.84 points to 18,714.91 and the 50-share NSE Nifty slipped 24.75 points to 5,683.30.

TCS and Wipro were down 0.7 percent and 1.5 percent, respectively.

Larsen & Toubro and Tata Motors have lost 0.6 percent each.

Top lenders State Bank of India and ICICI Bank were marginally lower while HDFC Bank rose 0.7 percent.

FMCG majors ITC and Hindustan Unilever gained 0.7 percent each.

Oil & gas producers Reliance Industries and ONGC were up 0.2-0.4 percent.

Bajaj Hindusthan and Balrampur Chini were up 1 percent ahead of report from Rangarajan committee on sugar decontrol today.



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