Market losses spill over; IT stocks drag Sensex down

Source: The Hitavada      Date: 22 Dec 2016 09:50:57


Dec 21,


THE Sensex fell for the sixth day on Wednesday, this time about 66 points, to end at 26,242, dragged down by major IT stocks such as Infosys and TCS amid mixed global cues. Infosys fell 0.66 per cent and TCS 1.07 per cent.
The index, which had lost 389.84 points in the previous five sessions, dropped another 65.60 points,
or 0.25 per cent, to end at 26,242.38 -- its lowest closing since December 7. It shuttled between 26,396.00 and 26,213.51.

The 50-share NSE Nifty edged down by 21.10 points, or 0.26 per cent, to end at 8,061.30, after moving between 8,112.55 and 8,053.25.
The volume remained low in view of the approaching holiday year ending. FMCG, IT, technology, capital goods and healthcare sectors led the fall by upto 0.95
per cent. However, buying interest was witnessed in select sectors like realty, consumer durables, power and PSU. Sun Pharma got the biggest blow, down 2.25 per cent, followed by ITC 1.44 per cent. TCS, Wipro, Tata Motors, Axis Bank, L&T, Hero MotoCorp, Infosys, HUL, GAIL and Dr Reddy’s all fell.

Maruti Suzuki, M&M, Lupin, NTPC, ONGC, PowerGrid, ICICI Bank and Adani Ports rose, which minimised the impact.
As many as 15 scrips out of 30-share Sensex pack ended lower.

The FMCG index weakened 0.95 per cent, followed by IT 0.75 per cent, technology 0.74 per cent and capital goods 0.40 per cent.

The broader market saw a mixed trend, with mid-cap index falling 0.16 per cent and small-cap edging up 0.03 per cent. Foreign funds net sold shares worth Rs 685.93 crore yesterday, according to provisional data.