Markets end sharply lower as TCS plunges

Commentary

oi-Sunil

By Sunil Fernandes

Updated: Friday, January 17, 2014, 15:30 [IST]

The Sensex and the Nifty dipped in trade today on weak global cues, particularly from Asia. Lower overseas closings in the US also affected sentiments.

The Nifty ended the day lower by 57 points. Today's drop in the indices was largely on account of heavy selling in the heavyweight TCS stock, which was down almost 6 per cent in trade today, after the company's results failed to match expectations.

Another heavyweight, ITC, which declared its results today ended the day flat after results largely met street expectations. Coal India was the top Nifty loser in trade and dropped almost 10% after the company's shares went ex dividend today. However, BPCL and Hindustan Unilever were among the few stocks that gained.

HDFC Bank, which also declared its results fell marginally. Heavyweight, Reliance Industries which is slated to declare its results after market hours gained, after optimism over its Q3 results.

PSU banking stocks were the worst performers in trade today after profit booking in most of the stocks. Canara Bank, Punjab National Bank, Union Bank and Allahabad bank were the hardest hit in trade.

Mid cap stocks also saw some selling pressure in trade with notable losers from the space being Hexaware, JSW Steel and HDIL.

Crompton Greaves which has been falling consistently in the last few trading sessions managed to stay resilient.

Meanwhile, markets in Asia ended the day sharply lower led by losses in the Shanghai Composite and Seoul Composite.

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