Post Session- Sensex ends lower as Infosys slumps Analysis for Mar 13, 2014

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The key domestic benchmarks ended lower today as the Sensex fell by 81 points as IT shares declined led by Infosys which tumbled more than 8 per cent on the company"s weak Q4 guidance. The IT major said that it expects weak growth in January-March (Q4FY2014) quarter mainly due to subdued spending by clients, especially in the retail sector. The marginal rebound in industrial output failed to boost investor sentiment as consumer and capital goods sectors continued to contract. A mixed trend in Asian markets amid bearish China data also weighed on sentiment.

Asian stocks ended mixed after China"s industrial output, retail sales and fixed-asset investment missed analysts" estimates. Industrial output in China rose 8.6 per cent in January and February 2014, year on year, compared to an annual gain of 9.5 per cent estimated by analysts. China"s Shanghai Composite ended higher on speculation that the country"s securities regulator may allow listed companies to sell preferred shares for the first time. Hang Seng ended lower on weak China data while Japan"s Nikkei 224 closed in the red as a stronger yen dimmed the appeal of exporter stocks.

The BSE SENSEX closed at 21,774.61, down by 81.61 points or by 0.37 per cent, and the NSE Nifty ended at 6,493.1, down by 23.8 points or by 0.37 per cent.

The BSE Sensex touched intraday high of 21,991.36 and intraday low of 21,720.13 The NSE Nifty touched intraday high of 6,561.45 and intraday low of 6,476.65.

Meanwhile, the BSE MIDCAP closed at 6,671.54, down by 36.68 points or by 0.55 per cent, while the BSE SMLCAP ended at 6,650.19, down by 14.94 points or by 0.22 per cent.

On the Sectoral front, IT and Teck shed 4.06 per cent and 3.53 per cent, respectively.

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 3357.50,-8.54%), Sun Pharmaceutical Industries Ltd. (Rs. 573.60,-5.03%), Sesa Sterlite Ltd. (Rs. 172.90,-1.54%), Axis Bank Ltd. (Rs. 1380.80,-1.23%), Tata Consultancy Services Ltd. (Rs. 2153.45,-1.16%), among others.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3037, shares advanced were 1335 while 1546 shares declined and 156 were unchanged.

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Story first published: Thursday, March 13, 2014, 16:12 [IST]
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