Markets end lower as IT stocks bleed; real estate stocks crash

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Markets end lower as IT stocks bleed; real estate stocks crash
Indices
Sensex26,201.32Sensex Quote-29.34 [0.11%]
Nifty8,085.90Nifty Quote-0.90 [0.01%]
Markets ended the day sharply lower on profit booking in frontline stocks and heavy selling in TCS and Infosys.

The Sensex ended the day lower by 207 points, while the Nifty fell 57 points in trade to end at 6675 points. Apart from IT, stocks like L&T which had witnessed a spectacular run in the last few weeks also fell sharply. Banking stocks, however, managed to stay steady with HDFC Bank and ICICI Bank ending the day flat.

The worst hit apart from the IT stocks were the real estate stocks which came crashing down. Anant Raj, HDIL, Unitech and Indiabulls Real Estate all fell more than 6 per cent.

A notable winner amongst index heavyweight was ITC which gained on buying support from institutions. PSU Banking stocks which have been gaining frantic ground in the last few weeks ended the day with huge losses. Canara Bank, Union Bank and IDBI Bank all fell more than 3 per cent.

Private sector Bank, DCB fell 5 per cent after the company announced its fund raising plans. The top losers today from the Nifty stocks was the IT space with Infosys falling to a six month low and ending at Rs 3157, while TCS was down 2.51 per cent ahead of its results to be declared later today. To check the day's gainers and losers click

Meanwhile, markets across Asia ended the day with gains with the Nikkei jumping as much as 3 per cent. European stocks were trading higher after upbeat data from China. The UK'S FTSE, the German DAX and the French CAC were all higher in trade.

GoodReturns.in


Story first published: Wednesday, April 16, 2014, 15:42 [IST]
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