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Mkts end lower; Nifty breaks 8,400
Mkts end lower; Nifty breaks 8,400. Markets ended lower for the fifth straight session on Tuesday as the worries over retrospective tax on profits of FIIs further dampened investor sentiment.
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Mumbai: Markets ended lower for the fifth straight session on Tuesday as the worries over retrospective tax on profits of FIIs further dampened investor sentiment. Also Sun Pharma added to the decline as Daiichi sold its stake in the company.Besides fear of weak corporate earnings for March quarter, Chinese slow down weigh on sentiment. The sectors Healthcare, FMCG, Oil, Auto and select banking and financial stocks dragged the markets.
Sensex closed 210 points down at 27,676 and Nifty down 70 points at 8378 breaching the psychological level of 8,400. Though, the broader markets rebounded into green but failed to sustain and closed down 0.5 per cent, each. Sun Pharma lost bigger on the bourses all through the session, closing down 8.86 per cent after contracting block deals on BSE and NSE at Rs 930 to 968 a share as Daiichi sold its total stake 8.9 per cent in the company. On sectoral front, most of the indices closed in red excepting consumer durables and metal indices.
After TCS, it was the turn of HCL Tech to report declining margins. The stock fell about 10 per cent in early trade but recover later and closed down 3.4 per cent. Another IT major Wipro was down 0.8 per cent at Rs 570.The FMCG stock continued to be weak with HUL down 5 per cent, followed by 2 to 5 per cent decline in Godrej and Britania Industries. While ITC closed flat with negative bias.
The gainers: Infosys, Axis Bank, SBI, Sesa Sterlite, Tata Steel,Wipro and Hero MotoCorp.
The losers: HUL, Idea Cellular, HDFC, HCL Tech, Reliance, Maruti, Tata Motors, DR Reddy's, Kotak Bank, L&T, Lupin, NTPC, Ambuja Cement, Hindalco, Bajaj Auto, Bharti Airtel, GAIL, HDFC Bank, Cipla, ACC and ONGC.
(With inputs from agencies)
