Sensex loses over 100 pts; Infy, BHEL, TCS under pressure

2:00 pm Interview: Speaking to CNBC-TV18, JustDial CFO Ramkumar Krishna Machari said the company will invest Rs 60-90 crore on advertising and marketing next year with around Rs 40-60 crore being a one-time spend. The company will continue to have a normal ad spend of around 5 percent of the revenue thereafter, he said. Just Dial is confident of good revenue growth in FY15 on recent initiatives. Excluding the one-time ad spend, Krishna Machari expects margins to improve by around 150 bps in FY14-15. Just Dial is confident of good revenue growth in FY15 on recent initiatives. Excluding the one-time ad spend, Krishna Machari expects margins to improve by around 150 bps in FY14-15. 1:50 pm Market outlook: Elections are usually a good time for the market, which is evident from the fact that nearly 80 percent of the Sensex returns in the last 30 years have come in during the two years of a new government. Saurabh Mukherjea CEO, Institutional Equities, Ambit Capital who believes Indian equities are in midst of a similar run. Typically, post elections, cheaper stocks tend to rally. Mukherjea advises investors to focus on buying decently run companies available at attractive valuations. “We expect 15-20% returns on Indian market in next 2 years,” he told CNBC-TV18 in an interview. 1:40 pm Poll: HCL Technologies, the fourth largest software services exporter in India, will announce its third quarter (January-March) results on Thursday. According to CNBC-TV18 estimates, profit after tax of the company may increase 3.7 percent sequentially to Rs 1,551 crore during the quarter. Revenue (in rupee terms) is likely to grow 2.5 percent quarter-on-quarter to Rs 8,388 crore and dollar revenue may rise 2.7 percent to USD 1357.5 million. "The company continues to remain very well-positioned in the infrastructure outsourcing space despite rising competition. The software services segment is now showing signs of revival. Finally, we see industry-wide positive momentum in discretionary spending," says Credit Suisse. According to poll, earnings before interest and tax (EBIT) may fall 0.7 percent to Rs 1,927 crore and margin may slip 70 basis points to 23 percent on quarter-on-quarter basis. 1:30 pm Market outlook: Anish Damania Head-Institutional Equities, IDFC Securities believes the market is hopeful of a stable government on May 16 and that optimism is converting into bank’s performing. However, he says fundamentals of public sector undertakings are still not great and are done rallying for the time being. He expects a correction of about 10 percent for public sector banks.  In an interview to CNBC-TV18, Damania says the sell-off by the foreign investors in the last two days is not worrisome. But if it continues for a few more sessions then FIIs may possibly be booking profits. However, he does not see a sell-off kind of a situation at least till election results are out or at least the polling is concluded. Meanwhile, Damania is bullish on Infosys and recommends buying the stock. 1:20 pm Buzzing: Shares of Crompton Greaves touched 32-month high at Rs 188 per share, up 5 percent intraday. Investors are excited about the stock as reports indicate Hitachi is likely to pick up promoter’s 42.7 percent stake in the company. The deal is expected to value the company at over Rs 15,000 crore while the current market cap is only Rs 11500 crore. Gautam Thapar owns 42.7 percent of the power transmission and distribution company. According to the media report, the entire stake is on the block. Don't miss: Is it best to exit USL post Diageo open offer: Brokerages say why not! The market is losing strength as the Nifty struggles at 6700, weighed by profit booking. The Nifty is down 32.35 points at 6700.75 and the Sensex is down 109.00 points at 22375.93. About 988 shares have advanced, 1376 shares declined, and 193 shares are unchanged. IT and realty stocks drag markets and FMCG stocks gain. Infosys, TCS, BHEL, Hero Motocorp and HDFC are under heavy selling presurre. Maruti, ITC, Tata Steel, GAIL and ICICI Bank are among the gainers in the Sensex. Market's focus is firmly now on earnings corner with TCS releasing March quarter results today. TCS is witnessing some profit booking on expectations of a muted quarter. The rupee is marginally lower taking cues from dollar's broad strength and inflation data. Bond yields touch 6-week lows on lower core consumer price index. Suspected RBI bond buying and big bond redemptions may have led to the fall. Asia trades higher after China GDP bet estimates. China's economy grew at 7.4 percent in the first quarter of this year, above estimates of 7.3 percent, but still slower than the 7.7 percent clocked in the previous quarter.