Bears Continue To Dominate D-Street; Infosys, TCS Down Over 1 Per cent

Posted By: Religare
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Indian equities continued to trade in negative terrain in the noon session on Tuesday led by selling pressure mainly in the IT, Teck, auto and FMCG sector stocks, tracking a sluggish trend in markets across Asia which swung between gains and losses in thin trade even as China signaled the prospects of more stimulus to tackle a worsening economic slowdown.

Bears Continue To Dominate D-Street; Infosys, TCS Down Over 1 Per cent

At 12:06 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 25715.72, down by 20.18 points or 0.08 per cent while the NSE Nifty was at 7822.6, down by 11.85 points or 0.15 per cent.

Investors also remained cautious on worries over the progress of key economic reforms such as the Goods and Services Tax (GST), the possibility of which being passed in the Winter Session of Parliament is quite dim, clouding the outlook for Asia"s third biggest economy, souring the appetite for risky assets.

Stocks of IT firms slipped on the back of sharp hike in visa fees by the US.

Major show spoilers were Infosys Ltd. (Rs. 1085.50,-1.50%), Tata Consultancy Services Ltd. (Rs. 2412.00,-1.19%), Mahindra & Mahindra Ltd. (Rs. 1263.90,-1.04%), Adani Ports & Special Economic Zone Ltd. (Rs. 258.95,-0.69%), ITC Ltd. (Rs. 323.85,-0.58%), among others.

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 262.40,+1.63%), Bharti Airtel Ltd. (Rs. 325.40,+1.43%), Axis Bank Ltd. (Rs. 447.40,+1.35%), NTPC Ltd. (Rs. 137.70,+0.81%), Sun Pharmaceutical Industries Ltd. (Rs. 760.35,+0.78%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2611 shares traded, 1506 advanced while 902 shares declined and 203 remained unchanged.

On the global front, Asian markets returned in the positive terrain except Nikkei 225. Traders resorted to caution ahead of the US revised Q3 GDP data which may show that the world"s biggest economy expanded by 1.9 per cent in the September quarter, compared to an earlier reported 2.1 per cent growth.

Read more about: infosys, tcs, sensex
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