Already a Bloomberg.com user?
Sign in with the same account.
Indian stocks fell for a third day ahead of data that may show inflation accelerated in June.
Tata Consultancy Services Ltd. (TCS), the country’s largest software exporter, climbed 1.1 percent after reporting profit of 32.8 billion rupees, exceeding the median estimate of 31.8 billion rupees in a Bloomberg survey of 40 analysts. Rival Infosys Ltd. (INFO) dropped for a second day after earnings fell short of estimates and the company cut its sales outlook.
The BSE India Sensitive Index (SENSEX), or Sensex, slid 0.2 percent to 17,196.36, according to preliminary closing prices at 3:30 p.m. in Mumbai, after changing direction at least nine times. The gauge slumped 1.5 percent yesterday, the most since June 1, as Infosys plunged 8.4 percent following its results.
“Results so far have been mixed and with key inflation data due to be released next week, investors aren’t committing a lot,” Sunil Pachisia, vice-president at brokerage Pratibhuti Viniyog Ltd. in Mumbai, said by phone.
Wholesale prices in India probably rose 7.61 percent in June after gaining 7.55 percent in May, according to a median of 36 economists’ estimates in a Bloomberg survey. The government will release the data on July 16. Monsoon, the main source of irrigation for its 235 million farmers, was 23 percent below a 50-year average since June 1, the weather bureau said yesterday.
One out of four, or 25 percent, Sensex companies that have reported results for the June quarter have missed analysts’ estimates, according to data compiled by Bloomberg. Profit at 30 percent of the companies in the measure trailed forecasts in the March quarter, compared with 47 percent in the period ended December, data show.
To contact the reporter on this story: Shikhar Balwani in Mumbai at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org