Markets end lower; IT Stocks drag

Posted By:

 Markets end lower; IT Stocks drag
Markets ended the day lower with IT heavyweights dragging indices lower on fresh worries over growth prospects. The S&P CNX Nifty ended the day lower by 18 points, while the Sensex lost 72 points.

Telecom major Bharti Airtel came in for heavy selling pressure after its associate Bharti Infratel's IPO received a subdued response.

The stock ended the day with losses of more than 3%. Tata Consultancy services also uncharacteristically fell more than 2.5% ahead of an analysts meet to be held later today. Investors sold the stock on fears that the company may paint a gloomy outlook for the future. Infosys, another IT heavyweight also fell as fresh worries that it may lower its revenue guidance further.

Other Nifty stocks that lost ground in trade were BPCL, HDFC Bank, HDFC, Wipro and BHEL. Stocks that saw buying support and ended the day with gains from the index stocks included those from the metals pack including Hindalco, Jindal Steel and Sesa Goa. Analysts expect metal stocks to do well, if economic growth gathers steam.

Kingfisher Airlines, which last week hit the upper end of the circuit filter, today hit the lower end of the circuit filter over fresh worries that Etihad would pick a stake in Jet Airways and not Kingfisher.

Shares of Fortis Healthcare surged more than 6% after reports that it would to divest a stake in Dental Corporation to Bupa for Australian dollar 270 million.

Glodyne Technoserve jumped 5% after reports that the company's arm got a multi-million dollar services order from a US company.

Meanwhile, most of the markets in Asia ended the day lower on fresh worries over the fiscal cliff in the US. However, the Chinese and the Japanese markets ended with gains. Markets in Europe were firmly in the red at the time Indian markets closed.

Read more about: sensex, nifty
Story first published: Monday, December 17, 2012, 14:48 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?