Sensex, Nifty consolidate ahead of TCS, Infosys Q1 earnings

After the recent rally, equity benchmarks started consolidation ahead of earnings of IT bellwethers TCS and Infosys.

The 30-share BSE Sensex was down 5.43 points at 31,741.66 and the 50-share NSE Nifty rose 7.25 points to 9,793.30.

TCS declined 0.7 percent and Infosys was flat after rising 6 percent and 4.5 percent in previous two sessions, respectively.
Brokerage houses expect slowdown in banking & financial services and weak retail business to impact revenue growth of these companies while wage hikes and visa cost may hit margin performance.

TCS, which is scheduled to report its first quarter earnings on July 13, is expected to report revenue growth in the range of 2.2-2.5 percent for the quarter while IT bellwether Infosys, which will announce numbers on July 14, is likely to perform better than TCS in terms of revenue growth.

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Posted in: Indian Market Tips