Sensex, Nifty End Lower as Tech Stocks Plunge

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, December 8, 2014, 16:20 [IST]

The Sensex and the Nifty ended the day sharply lower as tech heavy weight stock Infosys fell in trade and other tech stocks followed.

The Sensex ended the day lower by 338 points, while the Nifty fell 100 points in trade. Infosys plunged almost 5 per cent after reports that its promoters are planning to sell stake in the company worth US$1.1 billion.

Other blue chip stocks like Dr Reddy's, TCS and HCL Tech also dropped in trade. Metal stocks were weak after Chinese data was not too encouraging. Stocks like Jindal Steel, Hindalco and Sesa Sterlite were among the losers in trade.

PSU banking stocks which have been rallying in the last few trading sessions ended the day with losses with cuts seen in State Bank of India, Syndicate Bank and Indian Overseas Bank.

Select mid cap stocks were also weak in trade with notable losers being Siemens, India Cements, Just Dial and CESC. Shares in L&T Finance bucked the trend and ended the day higher.

Realty stocks also saw some massive selling pressure with Sobha Developers down 5 per cent, HDIL and Unitech being the other losers in trade.

Meanwhile, markets across Europe were trading with marginal losses, while Asian markets saw some profit booking. Asian stocks led by the Shanghai Composite ended the day with gains.

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