Selling in IT stocks pushes Sensex down - LuvKush Finserve

Markets end lower on Friday with 30-share sensitive index, Sensex touching its lowest level in nearly four months on back of significant selling witnessed in Information Technology index after Infosys guided for a weak revenue outlook for fiscal 2014. BSE-IT index slumped over 10 percent after Infosys, the company with second-highest weightage on the index, guided for a revenue growth of 6-10%, much below the Nasscom estimate of 12-14% for the fiscal 2014.

The Bombay Stock Exchange's Sensex slumped 299.64 points to end at 18,242.56 while the National Stock Exchange's Nifty declined 65.45 points and closed at 5,528.55.

Risk appetite was also frail after country's industrial production barely grew and was at 0.6% in February from a year earlier. In the April-February period, industrial production expanded an annual 0.9%.

The key sectoral indices such as IT, technology, consumer durables and capital goods sectors declined while FMCG, power, bankex lead gains on BSE.

The gainers on the Sensex included counters such as ITC and HUL gaining nearly 2-3%, SBI and HDFC Bank rose 2% and 1% respectively, Hindalco Industries added 1.6%, Dr Reddy's gained 0.8% on BSE. The broader markets ended negative with mid-caps and small-caps declining 0.1-0.4% on BSE.

Source : Equity Bulls

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