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Sensex, Nifty Close Lower Again; IT Stocks Drop


The Sensex and the Nifty ended the day lower once again in trade for a second day in a row as IT Stocks slumped ahead of results from IT major TCS.


Sensex, Nifty Close Lower Again; IT Stocks Drop
The Sensex ended the day with losses of 133 points, while the Nifty lost 44 points in trade. Leading the set of losers in trade were stocks like Hero Motor Corp which lost 4 per cent in trade, while other notable losers were Sun Pharma, Sesa Sterlite, Cipla and Larsen and Toubro.

Shares in ONGC managed to gain ground following a rise in crude prices. Cairn India also rallied following a rally in crude prices.

Among the IT stocks that fell ahead of the results from TCS were Infosys, Wipro and MindTree. Analysts expect a further downside in IT stocks should the results from TCS disappoint.

Rolta India fell heavily after reports by a research agency to sell the stock as the company does not produce free cash flow. Rolta shares crashed 14 per cent in intra day trade.

Energy stocks had a superb session in trade with stocks like Cairn India and ONGC rallying following a spike in crude oil prices.

Meanwhile, markets across Asia ended the day with mixed, while most of Europe was trading with huge losses. The German DAX, French CAC and the UK's FTSE were lower in trade.

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