Indian Markets witnessed gap-down opening led by Infosys - AXISDirect

The markets witnessed a gap-down opening led by disappointing results from IT major Infosys and tepid expectation on IIP numbers (est. 1.7% contraction) to be declared during the course of the day. The IIP grew 0.6% in February 2013, however the investor sentiment remained subdued and indices traded negative throughout ending the day 1.5% lower. Consequently IT index lost more than 11% each while FMCG & Power gained almost 2% each. In the Sensex stocks ITC (2.75%), SBI (1.98%) & Hindalco (1.61%) were the gainers while Infosys (21.33%), Wipro (4.72%) and Coal India (1.78%) were among the losers. The Sensex lost 300 points or 1.62% to close at 18,243 and the Nifty lost 65 points or 1.17% to close at 5,529.

Total traded turnover stood at Rs 177,279 cr. In equities both FIIs & DIIs were net sellers of (Rs 29 cr) & (Rs 312 cr) respectively. On the derivatives side, FIIs were net in sellers Index Futures (Rs 402 cr) Index Options (Rs 451 cr), Stock Futures (Rs 39 cr) while they were net buyers in Stock Options (Rs 32 cr).

The US markets ended marginally lower as the initial losses were trimmed in late session amidst lower than estimated results of banks and Weak retail sales and consumer sentiment data. The Dow Jones closed flat at 14,865 while the NASDAQ lost 5 points or 0.16% to close at 3,295.

The Asian markets are trading lower. Nikkei is trading lower by 1.15% while Hang Seng is trading lower by 1.19%.

Asian markets are trading lower tracking global equities which slumped late last week on weak U.S. growth and rekindled worries on Euro-zone. Indian indices are also expected to open on a soft note and direction is expected to be taken from a slew of data from China due later in the day.

Source : Equity Bulls

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