Sensex, Nifty end lower; IT stocks fall on Cognizant revenue guidance

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Sensex, Nifty end lower; IT stocks fall on Cognizant revenue guidance
The Sensex and the Nifty ended the day lower led by a drop in IT stocks, following lower than expected revenue guidance from IT major Cognizant.

The Sensex ended the day lower by points, while the Nifty closed the day lower by - points. Leading the set of losers were the IT packing including the likes of HCL Tech, Infosys and Tata Consultancy Services.

Shares in Bhushan Steel ended the day 20 per cent lower following reports of bribery involving the Chairman and Managing Director of Syndicate Bank. Shares in IDBI Bank continued to fall for a second day in a row after the company's results disappointed the street. Other PSU banking stocks like Punjab National Bank, Allahabad Bank and Andhra Bank also dropped in trade.

Select mid cap stocks also had a bad session in trade. Among these include the likes Biocon, UPL, Hindustan Zinc and Voltas. However, shares in India Cements and HPCL rallied in trade.

Select real estate stocks also saw selling pressure with Sobha and HDIL among the losers. Shares in Kalindee Rail Nirman gained ground after the Union Cabinet approved 100 per cent FDI in rail infrastructure. Gati on the other hand rallied after its Q1 consolidated net profit jumped to Rs 11.5 crore versus Rs 6.7 crore (YoY).

Meanwhile, markets in Europe were trading lower as tensions in Ukraine continued to weigh on markets there.

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