Sensex down 250 points; IT stocks rally post Infosys Q2 results Analysis for Oct 10, 2014

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Markets continued to trade weak weighed down by select index heavyweights even as Infosys helped offset some of the losses on the back of better-than-expected earnings. The major laggards on the D-street included ICICI Bank, Reliance Industries, Tata Motors, L&T and State Bank of India among others. The fall in the index was in line with other Asian markets which slipped after weak German export data fuelled fears of a deeper recession in Europe which could slow down the global economy. Back home, IT stocks rallied in the morning session of trade as the India's second largest software exporter Infosys has reported 28.6 per cent rise in its consolidated net profit at Rs 3096 crore for the second quarter ended September 30, 2014.

At 10:13AM BSE SENSEX was at 26387.47 down by 249.81 points or by 0.94 per cent, while the NSE Nifty was at 7886.2 down by 74.35 points or by 0.93 per cent.

The BSE MIDCAP was at 9489.1 down by 87.28 points or by 0.91 per cent, while the BSE SMLCAP was at 10644.65 down by 87.04 points or by 0.81 per cent.

The BSE Sensex touched an intraday high of 26555.92 and an intraday low of 26301.38, while the NSE Nifty touched an intraday high of 7912.65 and an intraday low of 7854.5.The top gainers of the BSE Sensex pack were Infosys Ltd. (Rs. 3878.00,+6.38%), Dr. Reddy's Laboratories Ltd. (Rs. 3011.90,+0.73%), Hero MotoCorp Ltd. (Rs. 2825.00,+0.22%), Tata Consultancy Services Ltd. (Rs. 2710.55,+0.16%), Wipro Ltd. (Rs. 588.75,+0.12%), among others.

The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 452.65,-3.07%), Tata Motors Ltd. (Rs. 504.50,-2.97%), Hindalco Industries Ltd. (Rs. 153.20,-2.88%), Housing Development Finance Corporation Ltd. (Rs. 1015.00,-2.46%), Sesa Sterlite Ltd. (Rs. 255.40,-2.44%), among others.

Among the sectors, In BSE, BSE_IT index was at 10694.87 up by 253.49 points or by 2.43%. Infosys Ltd. (Rs. 3874.20,+6.27%), HCL Technologies Ltd. (Rs. 1731.95,+2.19%), Mahindra & Mahindra Ltd. (Rs. 2366.40,+1.32%), MindTree Ltd. (Rs. 1049.00,+0.96%), Tata Consultancy Services Ltd. (Rs. 2711.10,+0.18%),.

On the flip side, In BSE, BSE_FMCG index was at 7410.63 down by -133.58 points or by -1.77%. Godrej Consumer Products Ltd. (Rs. 963.05,-2.89%), ITC Ltd. (Rs. 357.30,-2.18%), Hindustan Unilever Ltd. (Rs. 725.05,-1.95%), Jubilant Foodworks Ltd. (Rs. 1232.05,-1.58%), Nestle India Ltd. (Rs. 5925.05,-1.56%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2192 , shares advanced were 657 while 1461 shares declined and 74 were unchanged.

Story first published: Friday, October 10, 2014, 10:48 [IST]
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