Market slips; IT stocks weigh - Cholamandalam Securities

Benchmark indices ended lower after a choppy session. IT stocks came under pressure on account of profit booking in heavyweights such as TCS and Infosys, which dragged key indices lower.

Global risk appetite remained weak despite debt ceiling approval on concerns the deal however failed to resolve the fundamental issues over spending and deficits that divide Republicans and Democrats.

The rupee strengthened owing to dollar selling by exporters.

ONGC ended higher on new oil reserves find in KG basin block.

Nestle India ended higher after CLSA upgraded the stock to outperform from sell.

Amongst the sectoral indices IT was the major loser followed by Capital goods, Realty, and Auto, while Oil & Gas, FMCG and PSU stocks gained.

Reserve money for the week ended October 11, 2013 grew 10%YoY to ~INR 15.65tn.

Source : Equity Bulls

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