Sensex closes flat, IT stocks gain

Mumbai, Jan 10 : A benchmark index of Indian equities markets Friday ended flat -- up 45 points or 0.22 percent -- as information technology (IT) and fast moving consumer durables stocks gained.

The markets were cautious ahead of the wholesale and retail inflation data due on Tuesday. The marginal upswing came after blue chip software exporter Infosys beat market expectations in its quarterly earning.

However, heavy selling pressure was observed in banks, metal and automobile stocks.

The 30-scrip S&P Sensex of the Bombay Stock Exchange (BSE), which opened at 20,760.72 points, closed at 20,758.49 points, up 45.12 points or 0.22 percent from its previous day's close at 20,713.37 points.

The Sensex touched a high of 20,971.23 points and a low of 20,652.17 points intra-day.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed trade 3.10 points or 0.05 percent up at 6,171.45 points.

In Friday's trade, the S&P BSE IT index was up 197.15 points following robust quarterly earning of blue chip firm Infosys. The company reported a net profit of Rs.2,875 crore for third quarter, posting 19.4 percent sequential growth (quarter-on-quarter) and 21.4 percent year-on-year (YoY) growth in rupee terms.

Similarly, its consolidated revenue for the quarter under review (Q3), increased to Rs.13,026 crore, registering 25 percent YoY growth but sequentially marginal (0.5 percent) in rupee terms.

Other indices like FMCG index gained 92.71 points and technology, entertainment and media (TECk) index moved up 89.25 points.

However, bank index was down by 193.33 points, metal index was lower by 148.05 points and automobile index lost 125.02 points.

The major Sensex gainers were: Infosys, up 2.84 percent at Rs.3,548.90; Wipro, up 2.55 percent at Rs.554.55; ITC, up 2.22 percent at Rs.322.45; Tata Consultancy Services (TCS), up 1.70 percent at Rs.2,281.80; and Dr Reddy's Lab, up 1.47 percent at Rs.2,626.

The main losers were: ICICI Bank, down 2.56 percent at Rs.1,024.55; Coal India, down 2.37 percent at Rs.288.70; Mahindra and Mahindra, down 2.13 percent at Rs.874.45; Hindalco Inds, down 2.08 percent at Rs.110.45; and Sesa Sterlite, down 1.97 percent at Rs.196.40.

Among the Asian markets, Japan's Nikkei closed 0.20 percent down and Hong Kong's Hang Seng gained 0.26 percent, while China's Shanghai Composite Index went down by 0.71 percent.

In Europe, London's FTSE 100 was trading 0.75 percent down. However, Germany's DAX Index was higher by 0.58 percent and the French CAC 40 Index had edged up by 0.46 percent.

--IANS (Posted on 10-01-2014)

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