Sensex opens flat; Infosys slides 7 per cent post management guidance

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Sensex opens flat; Infosys slides 7 per cent post management guidance
Markets opened the day flat, despite a 7 per cent fall in heavyweight Infosys, after the management guidance was not very encouraging.

The Sensex was trading with gains of 29 points, while the Nifty rallied 7 points in trade. Software stocks were weak after the Infosys guidance with TCS, HCL Tech and Wipro among the losers.

Banking stocks continued to trade higher with stocks like ICICI Bank, Axis Bank, Yes Bank, Bank of India and Bank of Baroda among the early winners. Gains were largely on account of encouraging inflation data.

Infra and capital goods stocks were having a good day in trade after IIP data came in better than expected. Stocks that rallied from the sector were Larsen and Toubro, Jaiprakash Associates, Siemens and Voltas.

Shares in L&T Finance Holdings gained more than two per cent after the company's inclusion in the F&O segment. Shares in Just Dial too gained ground after a similar inclusion.

Top losers from the Nifty apart from the technology space, was Sun Pharma. Maruti Suzuki also dropped lower over the ongoing worries over its Gujarat Plant.

Metal stocks which had fallen sharply in trade on Wednesday rallied and were trading with gains. Mid cap stocks too saw buying support with the index trading higher.

Meanwhile, most of the Asian markets were trading with gains led by the Chinese Shanghai Composite and the Japanese Nikkei. Markets in the US had closed almost flat on Wednesday.

Story first published: Thursday, March 13, 2014, 9:36 [IST]
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