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Sensex falls 144 pts as inflation rises

BSE

The BSE benchmark Sensex today slumped by 144 points as higher inflation and contraction in factory output triggered profit-booking

SensexMumbai: The BSE benchmark Sensex today slumped by 144 points as higher inflation and contraction in factory output triggered profit-booking in realty, metal, banking and auto sectors even as IT major Infosys reported better-than-expected results for the January-March quarter.

The BSE 30-share barometer initially touched a high of 22,737.31 but fell sharply and remained in the negative terrain for most part of the day.

The Sensex settled the day at 22,484.93, a fall of 144.03 points or 0.64 per cent.

Selling pressure was prominent in rate-sensitive banking, realty and auto, after the inflation accelerated in March, said Rakesh Goyal, Senior Vice-President, Bonanza Portfolio.

The 50-issue Nifty of NSE also dipped by 43.20 points or 0.64 pct to 6,733.10.

Though Infosys posted better-than-expected results, gains were short-lived as weakness on financial counters negated the gains on IT counters, said Jayant Manglik, President, Retail Distribution, Religare Securities.

Infosys reported a 25 per cent jump in its consolidated net profit for the quarter ended March 31, 2014. Its shares of ended 1 per cent higher.

“Infosys results were good and better-than-expectations. But revenue guidance was slightly below expectations,” said Ashika Stock Brokers Research Head Paras Bothra.

Of the 30-share Sensex pack, 20 ended lower, while 10 finished higher. Hindalco at 4.48 per cent was the biggest loser, followed by Axis Bank at 3.32 per cent and HDFC 3.25 per cent.

Among the sectoral indices, realty dropped by 2.99 per cent, followed by metal 2.81 per cent, bankex 2.07 per cent, consumer durables 1.31 per cent.

The losses were mainly due to negative macro-economic data of IIP announced late Friday, Manglik said.

PTI

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