Sensex trims initial losses on Infosys results, dn 430 pts
Mumbai: Stocks: Profit-booking in view of political uncertainty about Greece along with plummeting oil prices, pulled down the S&P BSE benchmark sensex by 430 points to finish at 27,458.38 in spite of fag-end buying mainly in IT sectors in view of good results from Infosys.
Steep slide in global crude oil prices stoked fears about deflation even as prospects of Greece dropping the euro weighed on global equity markets.
Heavy foreign capital outflows also affected the market sentiment as foreign portfolio investors sold shares worth a net Rs 2,816.47 crores during the week as per the SEBI’s record including the provisional figure of January 9.
Shares of Metal, Power, Realty and Banking sectors fell sharply on heavy selling pressure.
The 30-share S&P BSE Sensex resumed higher at 27,978.43 and firmed up further to 28,064.49 on initial buying. However, it fell to 26,776.12 on heavy selling pressure before ending the week at 27,458.38, disclosing a loss of 429.52 points or 1.54 per cent.
The CNX 50-share Nifty also dropped by 110.95 points or 1.32 per cent to finish at 8,284.50.
Fresh selling of mid-cap and small-cap shares from retail investors also affected the market sentiment as indices fell by 0.99 pct and 0.97 pct respectively.
Infosys gained 2.99 per cent as the company reported stronger-than-expected Q3 Dec 2014 results as consolidated net profit as per International Financial Reporting Standards (IFRS) rose 5 pct to Rs 3250 crore.
FMCG major Hindustan Unilever jumped 14.19 per cent.