Live
- Nominations of 158 candidates found valid in Prakasam dist
- Anantapur: These will be last democratic polls if Modi returns, warns CPI
- EC rejects former MP Manda’s nomination
- Tirupati: ‘Work hard for the victory of Srinivasulu’
- Bad omen for BRS as more leaders look to jump ship
- Visakhapatnam: She may be CM’s sister, but Sharmila is rival, says Botcha Satyanarayana
- Modi is scared, he may cry on stage any time now: Rahul
- Harvey Weinstein's landmark #MeToo rape conviction overturned
- Indian-origin man killed while evading arrest in US
- WhatsApp will leave India, if asked to break encryption
Markets log first fall as TCS, Infosys drag
In a highly volatile session, the Sensex on Friday ended marginally lower at 27,238 and Nifty at 8,400, breaking their three-session winning spree, after a plunge in market heavyweights TCS and Infosys, but positive macroeconomic data restricted the overall fall to some extent.
New Delhi : In a highly volatile session, the Sensex on Friday ended marginally lower at 27,238 and Nifty at 8,400, breaking their three-session winning spree, after a plunge in market heavyweights TCS and Infosys, but positive macroeconomic data restricted the overall fall to some extent. On a weekly basis, both key indices Sensex and Nifty recorded a rise of 478.83 points, or 1.78 per cent, and 156.55 points, or 1.89 per cent, respectively.
Shares of Tata Consultancy Services, considered to be the crown jewel of Tata Group, fell 3.90 per cent to Rs 2,252 apiece on the BSE on concerns about its future after its chief N Chandrasekaran was elevated as the Chairman of Tata Sons. The country’s second-largest IT firm, Infosys, also plunged by 2.49 per cent to Rs 975.15 apiece after the company yet again revised its annual revenue guidance at 8.4-8.8 per cent from the earlier 8-9 per cent.
Earlier, buying activity got a boost from positive economic data as industrial production in November grew 5.7 per cent against a contraction of 3.4 per cent in the same month a year ago and December retail inflation fell further to a multi-year low of 3.41 per cent.
Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services Limited, said, “Earnings season got rolling with three index stocks having announced results, and general sentiments showed an inclination towards holding on to recent gains, especially with IIP and CPI figures lending support.
However, TCS and Infy’s volatility following their Q3 releases kept a check on gains though global cues were subdued with the US markets showing signs that Trump trades are wearing off.” The benchmark BSE index had opened higher 27,378.01 and advanced to hit a higher of 27,459.75, largely in tandem with a firm trend at other Asian bourses.
Later, it slipped into the negative zone to touch a low of 27,143.07, but finally ended 9.10 points, or 0.03 per cent, down at 27,238.06. The gauge had rallied 520.57 points in the past three days. The NSE Nifty settled the day 6.85 points, or 0.08 per cent lower, at 8,400.35 after shuttling between 8,461.05 and 8,373.15 in intra-day trade. Of the 30-share Sensex pack, 17 scrips ended lower.
Major losers were TCS (3.90 per cent), NTPC (1.55 per cent), Maruti Suzuki (1.46 per cent), Heromotocorp (1.14 per cent), Dr Reddy’s (0.93 per cent) Bajaj Auto (0.86 per cent), L&T (0.74 per cent), Tata Motors (0.71 per cent) and Bharti Airtel (0.50 per cent).
