Markets Close the Day in Red

Infosys third quarter results disappointed the Street and put a plug on Wednesday's rally. The markets were dragged lower by losses in the IT major and banking stocks. Markets opened in red after Infosys reported a 14.3% rise in net profit for Q3, below market expectations as rising rupee weighed. The Nifty opened at 5,851 and skidded to a low of 5,736 led by heavy losses in frontline banking and IT shares. The S&P CNX Nifty ended near day's low at 5,752, down 111 points and the Sensex closed at 19,182, down 351 points. Market breadth was negative, 1693 stocks declined for 1104 stocks which advanced. European stocks retreated, dragging the Stoxx Europe 600 Index from a 28-month high, as food and travel companies declined. Asian shares advanced, while U.S. futures were little changed. Nestle SA, the world’s biggest food company, fell 2 percent on analyst downgrades. Dixons Retail Plc slumped 7.3 percent after saying earnings will probably be “around the bottom end” of analysts’ estimates. Commerzbank AG lost 2.6 percent after announcing a capital increase. Banco Santander SA, and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest banks, climbed as demand increased at an auction of the nation’s debt.