Indices Close On Lower Ends, IT Gets Hammered
Suparna / 07 May 2014
A positive rally in the morning session was gripped by profit booking, coupled with weak global cues. As a result markets closed with Nifty and Sensex both plunging by 1% each. The IT sector was hit the most and closed the day down by 225 points with HCL Tech and Infosys losing more than 3% on the bourses today.
The Indian markets witnessed a range bound trade till mid-session. Alternatively indices witnessed a nosedives trade on closing buzz. The major culprit of the day was the IT sector followed by Auto and Bankex. As a result the Nifty closed on the negative side by 62 point at 6652 and Sensex was 184 points lower at 22323.
The advance-decline ratio on NSE was negative, as the day ended with 1585 shares in green and 1878 shares in the red zone.
Top Nifty Gainers: NTPC gained 1.27% in today’s trade, followed by SBI, BPCL, Sun Pharma and IndusInd Bank.
Top Nifty Losers: HCL Tech closed the day lower by 4.47%, followed by Tech Mahindra, Infosys, HDFC and UltraTech Cement.
Most of the sectoral indices closed on a negative note. IT stocks tanked in the today’s trade down by 225 points. Followed by Auto, Banks and Metal that also witnessed downward move around 50 points each. Mid-Caps and Small-Caps also closed on negative note. However, Consumer Durables closed on the positive side higher by 52 points.
All the major Asian markets closed on the negative side for today’s session. The Nikkei market closed down by 424 points and Hang Seng also witnessed down move by 230 points. Taiwan, KOSPI and Shanghai Composite also closed on the lower ends.
Buzzer: Infosys was down by more than 3.09% on the bourses today and closed below the technical level of Rs 3070. If the stock opens below this level, it may touch the Rs 3050/3035 mark in the next few sessions.
Nifty future closed below the immediate support level which was around 6700. The level of 6650/6635 will be act as a vital supports for tomorrows trading session.
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