Infosys was down 4 percent after lowering of full year EBIT margin guidance.

The market is off its opening lows, with the Sensex falling 100 points due to selling pressure in technology, oil exploration and select banks stocks.

Infosys was the biggest loser among Nifty50 stocks, down 4 percent after the company lowered its full year margin guidance.

Bhansali Engineering was down 3 percent while ICICI Securities, DCB Bank, Gruh Finance gained up to 6 percent after March quarter earnings.

9.33 am IST
Gruh Finance shares gain 3% as Q4 net profit rises
Gruh Finance Ltd shares rose 3.2% to Rs 632 after the company reported a net profit of Rs130 crore in March quarter against Rs110 crore a year ago.

9:31 am Buzzing: Rane Brake Linings share price lost 12 percent intraday Monday after disappointing performance on operational front in March quarter.

Revenue from operations in March quarter grew by 13 percent to Rs 142 crore and net profit increased 50 percent to Rs 6 crore compared to year-ago quarter.

EBITDA (earnings before interest, tax, depreciation and amortisation), however, fell 22.7 percent year-on-year to Rs 17 crore and margin contracted by 550 basis points to 12 percent for the quarter ended March 2018.

9:21 am Market Update: Benchmark indices recouped half of opening losses, supported by ITC and HDFC Bank.

Infosys, Tata Motors and Reliance Industries continued to trade lower, putting pressure on the market.

The 30-share BSE Sensex was down 96.96 points at 34,095.69 and the 50-share NSE Nifty fell 26.40 points to 10,454.20.

About two shares declined for every share rising on the BSE.

9:18 am Market Outlook: Rahul Sharma, Senior Research Analyst at Equity99 said rising crude oil prices and geopolitical risk from the global markets would be important factors that could impact the sentiment going forward.

On Friday, President Donald Trump had ordered strikes on Syrian targets, seeking to punish President Bashar Assad for a suspected chemical attack near Damascus.

Any new development on this front will affect global sentiments, including Indian markets.

9:15 am Market Update: Equity benchmarks opened lower, with the Sensex falling below 34,000 levels following negative lead from SGX Nifty futures and global stocks.

The 30-share BSE Sensex was down 229.59 points at 33,963.06 and the 50-share NSE Nifty fell 66.20 points to 10,414.40.

Infosys was down 4 percent after lowering of full year EBIT margin guidance.

Tech Mahindra, Wipro, Tata Motors, Axis Bank, IOC, Hindalco, Vedanta and ICICI Bank were under pressure in early trade.

Hero Motocorp, Bajaj Auto, M&M, Cipla, ITC and Bajaj Finserv gained.

The Nifty Midcap index was down 126 points.

UCO Bank, Rane Brake, Bhansali Engineering and NIIT Technologies slipped up to 13 percent.

Mishra Dhatu, DCB Bank, Gruh Finance and ICICI Securities gained up to 4 percent.

9:12 am Pre-Opening Settlement: Benchmark indices settled sharply lower in pre-opening, with the Sensex falling 247.92 points to 33,944.73 and the Nifty declining 82.30 points to 10,398.30.

Source: moneycontrol.com