Tech stocks pull Sensex lower after 4 days of gains

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Tech stocks pull Sensex lower after 4 days of gains
The Sensex and the Nifty ended the day lower after four successive days of gains as investors sold banking and IT stocks.

The Sensex ended lower by points 123 points, while the Nifty lost 44 points in trade. Among the top losers in trade were stocks from the technology pack. HCL Tech slid almost 5 per cent, while other notable losers from the industry were Tata Consultancy Services and Infosys Technologies.

Shares of telecom stocks were in demand today, following a spectacular set of results posted by Idea Cellular. Bharti Airtel rallied almost 4 per cent in trade, while Idea Cellular gained almost 5 per cent after the company's Q4 consolidated net profit grew by 34.7% QoQ to Rs 308 crore.

ICICI Bank which also reported a good set of numbers saw profit booking and ended the day lower. Maruti Suzuki on the other hand gained almost 3 per cent after profits soared at the company.

PSU banking stocks saw losses with CNX PSU banking index losing over 2 per cent. Prominent losers from the space were Canara Bank, Oriental Bank, Union Bank and Syndicate Bank. However, Vijaya Bank was in demand and ended the day higher after the bank reported a good set of numbers.

The mid cap index ended the day in the red thanks to profit taking in Crompton Greaves, HDIL, IFCI, Karnataka Bank and Reliance Capital.

Jet Airways saw some profit booking and closed the day lower.

Meanwhile, markets in Europe were trading lower, while Asia closed the day mixed. The Shanghai Composite declined in trade, while the Hong Kong's Hang Sang and the Singapore's Strait Times gained.

Read more about: sensex, nifty
Story first published: Friday, April 26, 2013, 15:03 [IST]
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