Sensex logs most negligible change in its history, Infosys shares rocket 17%
The Sensex was up by over 175 points in early trade after the IT giant declared better-than -expected third quarter profits and raised its full-year sales forecast, triggering a 17 per cent surge in its stock price.
"The results season has begun with an encouraging guidance and better than estimated profit from Infosys," said Amar Ambani, Head of Research, IIFL.
Other IT counters attracted buying support with TCS and Wipro up by 6.10 per cent and 3.80 per cent respectively.
However, a 0.1 per cent fall in the index of industrial production (IIP) data for November triggered a bout of profit-booking in markets from mid-session.
"IIP for November continued to highlight the weak trend in economic activity," said Kotak Securities.
The sentiment further aggravated after data showed country's exports contracted by 1.9 per cent in December, leaving a trade deficit of USD 17.6 billion.
In Sensex, Reliance Industries, Bajaj Auto, Tata Motors, BHEL, ICICI Band, SBI, ONGC Tata Motores and Tata Power saw significant losses.
Selling in stocks was seen across-the-board as 10 out of 13 sectoral indices closed lower with FMCG, realty, PSU, power, refinery, banking and metal segments suffering most.
The broader Nifty of the NSE declined by 17.35 points or 0.29 per cent at 5,951.30, extending losses for the third straight day.
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