Sensex slips 83 pts, IT stocks down

Oct 23 2012, 17:24 IST
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Sensex today fell by nearly 84 points weighed down by ITC, Infosys and Hero MotoCorp. (Reuters) Sensex today fell by nearly 84 points weighed down by ITC, Infosys and Hero MotoCorp. (Reuters)
SummarySensex fell by nearly 84 points weighed down by ITC, Infosys and Hero MotoCorp shares.

The BSE benchmark Sensex today fell by nearly 84 points on selling in ITC, Infosys and Hero MotoCorp shares, amid weak global cues.

The Sensex, which jumped by 111 points in the previous session, commenced the day on a positive note but met with profit selling at higher levels. It closed at 18,710.02, down 83.42 points, or 0.44 per cent.

Likewise, the 50-share National Stock Exchange index Nifty lost 25.75 points to close at 5,691.40.

In 30-share Sensex, 23 stocks declined led by Jindal Steel, Hero MotoCorp, Hindalco, Infosys and ITC. RIL was down 0.58 per cent. In the IT pack, TCS and Wipro also ended lower.

Brokers said trading as choppy throughout as investors were seen winding up positions ahead of October month derivatives expiry.

"Market participants remained cautious on Tuesday ahead of trading holiday on account of Dussehra tomorrow, while, investors may adopt a guarded approach ahead of the F&O expiry ," said Amar Ambani, Head of Research, IIFL.

Hero MotoCorp fell 1.90 per cent ahead of its earnings, while ITC Ltd lost 1.29 per cent on profit selling after investors judged the recent gains as excessive, said traders. However, L&T shares continued their upward march and ended 1.91 per cent up after higher-than-expected Q2 earnings.

The market also remained under pressure on reports of downgrading of credit ratings on five Spanish regions.

Selling was across-the-board as 12 out of 13 BSE sectoral indices closed lower with consumer durable, IT, Metal and FMCG segments suffering the most, while Capital Goods index was the lone gainer.

Globally, Asian stocks ended narrowly mixed amid concern over slowing corporate earnings growth and as Europe struggles to contain its debt crisis, said analysts. Key benchmark indices in China, South Korea and Taiwan finished with losses while those from Japan and Singapore ended with small gains. The Hong Kong market was closed today.

European markets were quoting lower in their afternoon trades. France's CAC was down by 0.54 per cent, Germany's DAX by 0.79 per cent and the UK's FTSE by 0.71 per cent.

US stocks index futures also were trading weak as the Federal Open Market Committee is expected to release its statement on Wednesday following a two-day policy meeting on interest rates in the US.

Commenting on the Indian markets, Kishor P Ostwal, CMD, CNI Research Ltd. said,"Yesterday we made a strong closing and today made a weak closing...Nifty support still

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