Post Session- Sensex ends 184 pts lower as IT and Teck stocks decline Analysis for May 07, 2014

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Triggered by sharp losses in IT and Teck indices, the key domestic benchmarks ended lower on Wednesday as IT bellwether Infosys, TCS and Wipro dragged market. The BSE Sensex closed 184 points lower as profit booking gripped D-street. IT Major Infosys slipped over 3 per cent after global investment bank UBS downgraded stock with 'Sell" button. Among the thirteen sectoral indices, all the sectoral indices, barring consumer durables and power, ended in red. Further, weak economic data and caution ahead of election results weighed on market sentiment.

Meanwhile, most of Asian markets, including Shanghai Composite and Japan"s Nikkei 225, closed down Wednesday after a survey report highlighted that growth in China's service sector slowed. The negativity in the market was further injected by bearish closing of Wall Street on Tuesday which encouraged investors to scale back risky bets. Japan"s Nikkie slipped to three-week low on stronger Yen and persistent concerns over Ukraine tension which curbed investors' risk appetites.

The BSE SENSEX closed at 22323.9 down by 184.52 points or by 0.82 per cent, and the NSE Nifty ended at 6652.55 down by 62.75 points or by 0.93 per cent.

The BSE Sensex touched intraday high of 22532.82 and intraday low of 22286.26 The NSE Nifty touched intraday high of 6718.75 and intraday low of 6642.90.

Meanwhile, the BSE MIDCAP closed at 7360.08 down by 10.61 points or by 0.14 per cent, while the BSE SMLCAP ended at 7526.99 down by 5.84 points or by 0.08 per cent.

On the Sectoral front, IT and Teck stocks declined 2.59 per cent and 2.23 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2975, shares advanced were 1290 while 1538 shares declined and 147 were unchanged.

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 3064.45,-3.15%), Housing Development Finance Corporation Ltd. (Rs. 853.10,-2.75%), Hindalco Industries Ltd. (Rs. 135.40,-2.20%), Cipla Ltd. (Rs. 382.85,-2.07%), GAIL (India) Ltd. (Rs. 363.70,-1.80%), among others.

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Story first published: Wednesday, May 7, 2014, 17:12 [IST]
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