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IT stocks drag markets down
Stock markets ended their winning streak and slipped into negative zone on Thursday following sell-off in information technology (IT) stocks after software bellwether Infosys flagged volatility issues for the next few quarters. Impending US Fed meet also weighed on the bourses.
Sensex retreats from 7-month high, slips 257 points
Mumbai: Stock markets ended their winning streak and slipped into negative zone on Thursday following sell-off in information technology (IT) stocks after software bellwether Infosys flagged volatility issues for the next few quarters. Impending US Fed meet also weighed on the bourses.
Besides, there were also concerns that the recent gains in crude oil prices could adversely impact India's fiscal deficit situation and increase fuel price inflation. Market participants also preferred to cut down on their positions ahead of key economic data Industrial Production data due for today (Friday).
As expected, Infosys, India's second-largest software services firm, was the worst performer with a plunge of 4.27 per cent at Rs 1,185.45 after the company said challenges in retail, energy and insurance sectors could result in quarterly bumps. TCS followed suit and slumped 1.27 per cent to Rs 2,577.50.
The Sensex resumed lower at 26,994.48 and dropped further to 26,692.35 before finishing at 26,763.46, recording a loss of 257.20 points or 0.95 per cent. The NSE 50-share Nifty also dropped by 69.45 points or 0.84 per cent to close at 8,203.60.
The broader markets too felt the heat with the BSE mid-cap index falling 0.47 per cent while small-cap edged up by 0.04 per cent. As many as 18 scrips ended lower out of the 30-share Sensex pack. Major laggards included ITC 2.29 per cent, HUL 2.28 per cent, Dr Reddy's 1.95 per cent, Asian Paints 1.94 per cent, HDFC 1.74 per cent, Bajaj Auto 1.39 per cent and L&T 1.21 per cent.
Key gainers were Coal India 2.13 per cent, ONGC 1.99 per cent, RIL 1.81 per cent, NTPC 1.66 per cent, Cipla 1.51 and Axis Bank 0.57 per cent. Among sectoral indices, IT tumbled by 2.17 per cent, teck 1.81 per cent, FMCG 1.60 per cent, capital goods 0.81 per cent, auto 0.62 per cent, finance 0.54 per cent and healthcare 0.40 per cent.
The market breadth turned negative as 1,339 stocks ended lower, 1,230 closed higher while 187 ruled steady. Overseas markets ended lower as investors weighed risks ahead of the US Federal Reserve meet next week. Japan, Singapore and South Korea based shares dropped by 0.14 per cent to 0.97 per cent. European shares extended initial losses.
