Markets close lower, IT stocks shine
The market was largely bearish as traders were booking profit, as data showed the country’s trade deficit widened in December
After touching record highs in the early morning session, key Indian equity indices today slipped into the negative territory during the afternoon session taking along most of the sectoral indices.
The market was largely bearish as traders were booking profit, as data showed the country’s trade deficit widened in December. On the BSE, 24.14% (740) stocks advanced and 72.15% stocks declined.
Shares of information technology (IT) companies were making buzz in the market with stocks like Wipro, HCL Tech and Infosys rising over 4% on the NSE.
IT index hits a fresh 52-week high of 12,487.25 in intra-day trade. TCS, Infibeam Incorporation and Tech Mahindra too rallied over 2%.
Though MindTree, Nucleus Software and MphasiS were in the red, they were trading above the Buyback price.
Selling pressure was seen in most of the sectors with Nifty realty, metal and PSU Banks indices trailing over 2%.
Nifty Auto too fell over 1%, as its constituents were mostly in the negative territory.
But benchmark indices gave up all the morning gains as profit booking taking place in small pockets.
Yesterday, indices closed record high for the third straight session on better-than-expected growth in industrial output and global equities rallies.
The Sensex after opening at 34,877.71 points, slightly higher than previous day's close of 34,843.51 , ended 72.46 points or 0.21% lower after hitting the high of 34,936.03 points.
The wider 50-scrip Nifty closed at 10,700.45, 0.38% down over the previous day's close.