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Infosys, Bharti drag markets lower

Infosys, Bharti drag markets lower
Markets ended the day lower as poor results from Infosys and even poorer guidance from the company saw huge selling pressure in the stock, which dragged the markets lower.

The Sensex dropped 129 points to end lower at 18,675 points, while the Nifty shed 32 points. Among the top losers in trade was Infosys which shed 5.5% on selling pressure following its results. Other losers from amongst the Nifty were Bhel, Bharti Airtel and IDFC.

On the other hand gainers from amongst the Nifty was HDFC Bank, which ended the day higher by 1% following a 26.7% jump in net interest income.

Other top gainers from the Nifty were the cement pack including the likes of ACC, Ambuja Cements and Jaiprakash Associates.

Shares of BPCL dropped marginally despite the company along with its consortium announcing another successful exploration well in Brazil.

Banking stocks ended the day mixed with public sector banks continuing to be in demand. Shares of PNB, Andhra Bank and Union Bank ended the day higher on buying at lower levels. However, private sector players like ICICI Bank shed gains.

Markets are expected to move in tandem with global markets and will track the inflation data on Monday. A drop in the inflation is likely to fuel fresh call from industry for rate cuts.

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