Sensex, Nifty end lower as investors dump IT stocks

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Sensex, Nifty end lower as investors dump IT stocks
Sensex28,077.18Sensex Quote-52.66 [0.19%]
Nifty8,693.05Nifty Quote-6.35 [0.07%]
The Sensex and the Nifty ended the day lower today after closing at record highs on Tuesday with profit booking in technology stocks pulling the indices lower.

The Sensex closed the day lower by 52 points at 24,805 points, while the Nifty shed 13 points in trade.

Among the stocks that lost ground in trade were IT blue chips including the likes of TCS, Infosys, Wipro and HCL Tech.

Heavyweights, ITC and Reliance also dropped in trade, which pushed the indices lower. Among the Nifty stocks that saw buying support was NMDC which rallied after the company hiked the prices of iron ore for the month of June.

Other Nifty stocks that gained ground in trade were Larsen and Toubro, State Bank of India, Hindalco, Hero Motor Corp and Jindal Steel.

Shares in pharma major Wockhardt slumped more than 4 per cent after the company continued to have problems with the US FDA.

From the broader market Welspun Corporation rallied a huge 13 per cent in trade on a block deal in the company. Mid cap stocks was where all the action in trade was with select mid cap stocks like Reliance Capital, Karnataka Bank, Jain Irrigation and IDBI Bank showing sharp rallies in trade.

Real estate stocks were in the limelight on hopes of a tax break for real estate investment trusts. Indiabulls Real estate surged 8 per cent, while other notable gainers were Unitech, Sobha and D B Realty.

Meanwhile, markets in Europe were trading with losses with the German DAX, French CAC and the UK's FTSE all lower.

Story first published: Wednesday, June 4, 2014, 14:45 [IST]
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