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Sensex trips 81 pts despite stellar Infosys nos


Mumbai :  The benchmark BSE Sensex, reversing its yesterday’s surprise rally, fell by over 81 points today to close at 24,772.97 as heavy selling in Tata Steel offset better-than-expected third quarter numbers of Infosys.

Depreciating rupee, which breached the 67-mark against dollar by slumping 41 paise to 67.26 (intraday) — its weakest level since September 4, 2013 — too weighed on the sentiment.

Infosys reported a better-than-expected 6.6 per cent rise in its third quarter net profit and raised its annual revenue growth forecast, sending its 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.

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.

Out of the 30-share Sensex pack, 21 scrips ended lower. In broader markets, the BSE small-cap index edged lower by 1.27 per cent while mid-cap shed 1 per cent.

On global front, Asian markets ended mixed with Japan’s Nikkei plunging 2.68 per cent, while Hong Kong’s Hang Seng dropped 0.59 per cent, while Shanghai Composite index ended 1.97 per cent higher.

European stocks tumbled in their early deals, wiping out gains from a two-day rally as investor concern over global growth prospects resurfaced.

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