Sensex falls 82 pts; Infosys tanks 8.54%, Sun Pharma 5%

Mar 13 2014, 18:16 IST
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BSE Sensex fell as Infosys shares slumped after its chairman said revenue could grow at the lower end of guidance. BSE Sensex fell as Infosys shares slumped after its chairman said revenue could grow at the lower end of guidance.
SummaryThe benchmark BSE Sensex fell 0.4 per cent, while the broader NSE Nifty lost 0.37 per cent.

and will impact near term market trend," she added.

Meanwhile, foreign institutional investors bought shares worth Rs 864.35 crore yesterday, as per provisional data from stock exchanges.

Asian stocks closed mixed. Key benchmark indices from Hong Kong, Japan and Singapore closed with losses while from China, South Korea and Taiwan finished with gains.

European markets were also trading mixed in their early trade as investors awaited reports on American retail sales and initial jobless claims. Key benchmark indices in France and Germnay were up by 0.21 per cent- 0.27 per cent, while UK's FTSE was down by 0.01 per cent.

Total market breadth remained negative as 1,506 stocks ended in the red, while 1,287 concluded in the green. Total turnover rose to Rs 2,718.68 crore from Rs 2,454.86 crore yesterday.

BSE Sensex falters as Infosys, Sun Pharmaceutical shares falter

(Reuters) Indian shares fell on Thursday as Infosys slumped after its chairman said revenue could grow at the lower end of guidance for this fiscal year, while Sun Pharmaceutical Industries dropped after a U.S. ban on some of the drug-maker's imports.

Investors also booked profits in some of the recent outperformers that propelled indexes to record highs earlier this week, with some analysts voicing concerns about how fast shares have risen since last week.

The falls came despite data on Wednesday showing a sharper-than-expected drop in retail inflation and a slight expansion in industrial output, as analysts say expectations for an improving domestic economy are already largely priced in.

"We expect markets to trade range-bound for the near-term. Profit-taking is expected in select stocks and counters," said Deven Choksey, managing director, KR Choksey Securities.

The benchmark BSE index fell 0.37 percent, or 81.61 points, to end at 21,774.61 points, still near its record high of 22,023.98 points hit on Monday.

The broader NSE index also fell 0.37 percent, or 23.80 points to 6,493.10 points, near its all-time high of 6,562.85 points hit on Tuesday.

Foreign investors on Wednesday were net buyers for an eighteenth session out of the previous nineteen, with purchases of $250 million.

Despite continued buying by overseas funds, broader indexes fell after Infosys Ltd slumped 8.5 percent. Chairman Narayana Murthy said revenue for the fiscal year ending March could grow at the lower end of the company's 11.5 to 12 percent projection.

The fall on Thursday was Infosys' biggest daily percentage fall since April 12 last year when shares slumped 21.3 percent after the IT outsourcer issued a disappointing forecast for full-year

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