Indian shares subdue ahead of Infosys results

Published: January 11, 2019 13:15:02 | Updated: January 26, 2019 15:05:46

File Photo (Collected)

Indian shares were little changed on Friday, as investors awaited technology giant Infosys Ltd’s results for clarity after rival Tata Consultancy Services’ 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 per cent rise in quarterly profit but missed margin estimates.

The broader NSE index was down 0.1 per cent at 10,811.20 as of 0520 GMT, while the benchmark BSE index was 0.11 per cent 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 per cent and on track for their third straight session of losses.

Shares of Infosys Ltd, scheduled to report quarterly earnings later in the day, were trading 0.38 per cent lower.

Losses on the NSE index were driven by TCS, Larsen & Toubro Infotech Ltd and Reliance Industries Ltd.

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.

The Nifty Finance index was up 0.12 per cent, while Nifty PSU bank index was down 0.8 per cent.

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