Wednesday , October 19 2016
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Sensex back in red, trips 81 pts despite stellar Infosys nos


Mumbai :The BSE Sensex after taking a day’s breather fell by 81 points to close at 24,772.97 today on rupee plunging to multi-year lows, while investors ignored the better-than-expected third quarter numbers of Infosys.

The rupee cracked below the 67-mark again against the US dollar by slumping 44 paise to Rs 67.29 — a level not seen since September 2013.

Besides, Infosys reported a robust 6.6 per cent rise in its third quarter net profit and raised its annual revenue growth forecast, sending shares up 4.28 per cent.

Consolidated net profit rose to Rs 3,465 crore in December quarter compared with Rs 3,250 crore in the same period a year ago, the IT major said in a statement.

Meanwhile, deflationary trend eased in December with WPI inflation moving up to (-)0.73 per cent as food articles, mainly vegetables, turned costlier.

“Indices consolidated post sharp recovery after the release of WPI numbers, which remains in the negative zone. Weak global indices also weighed on the sentiment,” said Gaurav Jain Director Hem Securities.
On weaker Asian and European cues, the benchmark BSE index had opened about 300 points lower to hit a low of 24,473.22.

However, on revival of value-buying in select counters it managed to regain 25,000 mark briefly and touched a high of 25,018.46. Finally, it ended 81.14 points or 0.33 per cent down at 24,772.97. The gauge had gained 172.08 points in yesterday’s highly volatile session.

The NSE Nifty settled the day 25.60 points or 0.34 per cent lower at 7,536.80.

Shares of Tata Steel slumped 3.36 per cent to close at Rs 238.70 after global rating agency S&P downgraded the company on weak operating performance.

Besides, stocks of Axis Bank, SBI, ICICI Bank and HDFC Bank too suffered losses of up to 3.90 per cent, dragging down the BSE Banking index by 1.67 per cent.

Asian stocks ended in a negative zone with sentiment hit adversely due to a selloff in US stocks. Key indices like Hong Kong, Japan, Singapore, South Korea and Taiwan fell by 0.59 per cent to 2.68 per cent while Shanghai Composite index ended with gains of 1.97 per cent.

Key European indices like France, Germany and the UK fell between 1.76 per cent and 2.43 per cent.


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