Sensex slides 58 points as IT continues to be a drag
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Shrugging off strong macroeconomic data, the benchmark BSE Sensex fell for the second straight session today and settled nearly 58 points down at 26.846.53 as IT stocks continued slide on caution ahead of TCS results.
A weak trend in global markets after a data showed slump in Chinese imports, fuelling worries about the health of Asia's largest economy also weighed on the sentiments. Software stocks remained under pressure for the second straight day after Infosys on Monday slashed its dollar revenue guidance, clouding the outlook for the overall sector.
The 30-share BSE Sensex after shuttling between 26,918.52 and 26,719.10 during the session finally settled lower by 57.58 points or 0.21% at 26,846.53. The 50-share Nifty too dropped 11.90 points or 0.15% to end at 8,131.70 after dipping below the crucial 8,100 level to hit a low of 8,088.60.
Market showed some signs of firmness in early trade on the back of positive macroeconomic data with industrial production grew at a nearly three-year high of 6.4% in August. However, retail inflation rising to 4.41% in September, had a negative impact, and triggered selling.
"Indices are struggling to maintain their crucial levels as selling emerges at every rise," said Manoj Choraria, a Delhi-based NSE broker. A cautious stance from the participants trimming positions ahead of the TCS earnings announcement, later in the day, too influenced trading sentiment.
Stocks of TCS, country's largest software company, managed to close in the green at Rs 2,597.40 with mild gains.
Sensex losers included ONGC, Hindalco, Vedanta, Tata Steel, Infosys, Bharti Airtel, GAIL, Sun Pharma, L&T, Hero MotoCorp, SBI, Tata Motors, HDFC Bank and HUL. Bucking the trend, Coal India, Lupin, BHEL, Bajaj Auto, Maruti Suzuki, ITC, Dr Reddy's, Axis Bank, M&M, HDFC, Cipla, NTPC and RIL notched up gains up to 1.79%.
Of the 30-share pack, 15 closed with losses. Sector-wise, IT suffered the most by falling 1.03%, followed by teck with a drop of 0.87%. Broader markets, however, were in better shape as investors made selective buying, with the BSE small-cap rising 0.41% while mid-cap index gained 0.02%.
Globally, other Asian markets ended lower with Japan's Nikkei and Hong Kong's Hang Seng falling up to 1.11%, while European markets were showing an easy trend in their opening deals.
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