Sensex settles 130 points lower; Infosys drags
12th October 2012 04:18 PM
Indian equities ended the last day of the week lower due tolower revenue guidance reported byInfosys and weak European markets. IT, realty and auto stocks led the decline.
At the close, the benchmark 30-share index, BSE Sensex declined 129.57 pointsor 0.69% at 18,675.18 with 16 components posting drop. Meanwhile, the broad based NSE Nifty fell by 32 pointsor 0.56% at 5,676.05 with 30 components registering drop.
IT major Infosys was down by more than 5% after the company cut both revenue and earnings guidance in its Q2FY13 results announced today before trading hours today.
India"s industrial production grew 2.7% during August 2012 as against the market expectations of0.94% growth.July industrial production has been revised lower tonegative 0.18%.It seems market has given thumbs down to it and selling pressure was quite clear in today"s session. There is lesser expectations in the marketfor rate cut in coming monetary policy this month.Retail inflation rose to 9.73% (combined) in September 2012 as compared to 10.03% in August 2012.Commenting on the outlook for next session on Monday, Rakesh Goel, senior vice president, Bonanza Portfolio, "5640 continues to be deciding level on downside. If Nifty goes below 5640, further selling pressure may be seen upto 5575-5525. On the upsides, above 5725, further buying momentum is likely for a target of 5765-5825. Until these levels are crossed either way, near term trend remains indecisive and Nifty continues to trade in range."
"Inflation data shall be released on 15th Oct and has to be closely watched.Q2FY13 results have started and shall be in focus for deciding further market trend," Goel said.
Infosys contributed fall of 79.75 points in the Sensex. It was followed by ICICI Bank (17.64 points), Housing Development Finance Corporation (13.47 points), Bharti Airtel (11.64 points) and Oil & Natural Gas Corporation (7.36 points).
However, HDFC Bank contributed rise of 12.96 points in the Sensex. It was followed by Tata Consultancy Services (5.92 points), ACC (5.08 points), Hindustan Unilever (4.36 points) and Grasim Industries (2.79 points).
Major gainers in the 30-share index were GAIL (India) (1.20%), Cipla (1.01%), HDFC Bank (0.94%), Tata Consultancy Services (0.66%), Hindustan Unilever (0.65%), and Sterlite Industries (India) (0.59%).
On the other hand, Infosys (5.36%), Bharti Airtel (2.68%), Bharat Heavy Electricals (2.46%), Wipro (2.01%), Hero Motocorp (1.61%), and ICICI Bank (1.22%) were the biggest losers in the Sensex.
Mid & Small-cap Space
The BSE Mid and small caps outperformed their larger counterparts gaining 0.08% and 0.05% respectively. The major gainers in the BSE Midcap were Delta Corp (3.25%), Apollo Hospitals Enterprise (2.26%), Anant Raj Industries (1.93%), AIA Engineering (1.74%) and Amtek India (0.72%).The major gainers in the BSE Smallcap were Trident (2.74%), Adhunik Metaliks (2.35%), Aegis Logistics (0.97%), Advanta India (0.93%) and Reliance MediaWorks (0.13%).
Sectors in Limelight
The IT index was at 5,715.92, down by 165.2 points or by 2.81%. The major losers were Infosys (5.36%), Mphasis (1.2%), Hexaware Technologies (0.66%), Oracle Financial Services Software (0.63%) and CORE Education and Technologies (0.16%).
The TECk index was at 3,308.25, down by 82.71 points or by 2.44%. The major losers were Bharti Airtel (2.68%), Idea Cellular (2.26%), Mphasis (1.2%), Oracle Financial Services Software (0.63%) and Dish TV India (0.45%).
The Realty index was at 1,868.70, down by 17.6 points or by 0.93%. The major losers were Indiabulls Real Estate (4.53%), Sobha Developers (3.4%), Oberoi Realty (1.29%), DLF (1.11%) and Parsvnath Developers (0.5%).
On the other hand, the Consumer Durables index was at 7,203.69, up by 51.79 points or by 0.72%. The major gainers were Titan Industries (1.93%), Bajaj Electricals (1.36%), Gitanjali Gems (1.31%), Rajesh Exports (0.29%) and Blue Star (0.16%).
Market breadth was negative with 1,392 advances against 1,546 declines.
Value and Volume Toppers
Infosys topped the value chart on the BSE with a turnover of Rs. 3,284.38 million. It was followed by United Spirits (Rs. 1,040.11 million), State Bank Of India (Rs. 992.85 million) and D B Realty (Rs. 856.15 million).
The volume chart was led by Kingfisher Airlines with trades of over 14.22 million shares. It was followed by DB Realty (9.10 million), Unitech (8.86 million) and TV18 Broadcast (7.74 million).
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