Sensex, Nifty Decline At Open As Infosys Disappoints
Indian bourses eased slightly during early morning trade after IT bellwether Infosys' fourth-quarter outcomes and guidance failed to satisfy market outlooks.
Scrips of Infosys and other IT giants including TCS and Wipro witnessed decline following the Infosys' slightly lower-than-projected Q4 figures.
At 09:34 a. m., the 30-share index BSE Sensex was ruling 192 points down at 19,504 as against its last closure. Today, the Sensex belled the day at 19,670.
Earlier, it hit an intraday peak of 19,700 and an intraday low of 19,567.
In contrast, the broad-based Nifty was trading 50 points down at 5,861 as compared to its previous closure. It had previously hit a day's peak of 5,907 and a day's low of 5,847. It started the day at 5,898.
Among sectoral indices, the IT index was clearly the feeblest link thus far accompanied by oil & gas, power, PSU and real estate. In contrast, consumer durables, banking and FMCG remained subdued.
The BSE IT index shed 5%, with the scrips of Infosys declined more than 6.5%.
The overall breadth of the stock market was neutral on the BSE with 980 scrips progressing and 909 scrips growing.
The noteworthy gainers in the Sensex and the Nifty comprised Hero Honda, Bharti Airtel, PNB, Hindalco, Axis Bank, Reliance Capital, Kotak Mahindra Bank and L&T.
The major losers in the Sensex and the Nifty consisted of Infosys, Siemens, Wipro, TCS, SAIL, NTPC, GAIL, Sesa Goa, Cairn India, BPCL, Sun Pharma and BHEL.