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Indian stock market daily closing report (October 12, 2012)

Contributed by Nirmal Bang

Infosys’ quarterly result announcement weighed on the markets today. Infosys managed to met street expectations of Q2 results, but a deeper cut in earnings per share guidance for the FY 12-13 dampened investor’s sentiments. Infosys’ net profit in Q2, grew by 3.5 percent to Rs 2369 crore. HDFC Bank ended up 1% on improved non-performing assets (NPAs) in Q2 FY 13; HDFC bank NPAT came in in-line with expectations at Rs 1,560 crore while provisions declined to Rs 293 crore from Rs 487.3 crore YoY.

IIP data for August 2012 increased by 2.7 % as compared to 0.1% in July. The improvement in Aug IIP is due to some base effect and improved performance on the manufacturing and consumer goods front. But declaration of IIP weighed on the markets as it decreased the probability of rate cut by the RBI.

The breadth of the market was negative in today’s trade.