Sensex ends flat; Infosys up 17%
After an action-packed day, the BSE benchmark Sensex today registered probably the most negligible change in its history -- 0.09 points -- from its previous close to end the day at 19,663.64, though Infosys recorded its biggest ever rise of almost 17%.business Updated: Jan 11, 2013 18:14 IST
After an action-packed day, the BSE benchmark Sensex today registered probably the most negligible change in its history -- 0.09 points -- from its previous close to end the day at 19,663.64, though Infosys recorded its biggest ever rise of almost 17%.
The key index, however, registered a very negligible change of 0.09 points at 19,663.64 points. It had closed at 19,663.55 yesterday.
After a better start at 19,839.80, the Sensex failed to hold initial gains as disappointing industrial and export data hit hard. The gauge touched the day's low of 19,619.83.
The National Stock Exchange index Nifty fell by 17.35 points to 5,951.30, after climbing to 6,018.85 at the outset.
IT stocks led by Infosys saved the market from any eventuality as 26 stocks of the 30-BSE index components were down following reports of the industrial output contracted to a four-month low of 0.1% in November due to poor performance of manufacturing and mining sectors, and declining production of capital goods.
Brokers said the market heavy and second largest software exporter Infosys recorded its biggest ever rise of almost 17% to Rs 2,712.60 on higher revenue guidance remained a lone feature of the trading.
They said despite weakening trend in the overall trade, stocks of IT companies and consumer durables remained in the lime-light.
"The industrial production declined to a negative 0.1% in November from a year earlier. This dampened the positive spirit of the market and selling pressure was seen across all major sectors, with the exception of IT and Technology, said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
The IT sector index gained the most by rising 9.34% to 6,252.26 as Infosys shot up by Rs 392.25 to Rs 2,712.60, Tata Consultancy by Rs 47.80 to Rs 1,306.35 and Wipro by Rs 24.10 to Rs 419.50.
Infosys, the first Sensex company to begin earnings season for the December quarter, increased its sales forecast about three per cent to Rs 40,746 crore and reported net profit of Rs 2,369 crore.
The major market pullers were Reliance Industries, Bajaj Auto, Tata Motors, BHEL, ICICI Band, State Bank of India, ONGC Tata Motores and Tata Power with their steep losses.