IT bellwether Infosys' attractive performance and revenue guidance notwithstanding, the Bombay Stock Exchange benchmark, Sensex, lost initial gains and ended with moderate losses as investors booked profits at higher levels.
The 30-share sensitive index had spurted by more than one per cent to an intra-day high of 12,514.03 points after Infosys announced a 52 per cent year-on-year growth in net profits and revised upward its revenue guidance.
The gains, however, were erased later as the rally was short-lived due to heavy selling pressure from foreign institutional investors (FIIs) as also operators, which have been booking profits at higher levels for two days, stock brokers said.
The Sensex later ended the day at 12,353.49 points, a net loss of 10.28 points or 0.08 per cent from Tuesday's close of 12,363.77 points.
Similarly, the National Stock Exchange's (NSE) S&P CNX Nifty fell from the day's high of 3,614.50 points and closed at 3,558.55 from the previous close of 3,571.05 points, down by 12.50 points or 0.35 per cent.
The market sentiment was partly affected by mixed trend in Asia, where majority indices registered losses.
The IT sector was exceptionally firm with bigwigs like Infosys Technologies, Satyam Computers, Wipro and TCS Ltd surging to a strong finish following a better-than-expected Q2 earnings by Infosys.
As a result, the BSE IT Index advanced by 131.95 points or 2.96 per cent to 4,584.87 from previous close of 4,452.92 points.
The trading volume improved to Rs 3,688.76 crore from Rs 3,199.76 crore on Tuesday. Infosys Tech clocked the highest turnover of Rs 219.76 crore followed by Hind Zinc (Rs 182.96 crore), IDFC (Rs 163.75 crore), Atlanta (Rs 149.11 crore) and RIL (Rs 141.97 crore).
The broad-based BSE-100 Index dropped by 22.68 points to 6,297.31 from previous close of 6,319.99.
The BSE-200 Index and the Dollex-200 were quoted modestly down at 1,490.57 and 542.97 at close compared to last close of 1,498.31 and 545.01 respectively. The BSE-500 Index dipped by 27.54 points to 4,736.29 from previous close of 4,763.83 but the Dollex-30 ended up at 2,219.06 from 2,217.75.
RIL dropped by 6.95 to 1143.20, Tata Motors by 30.85 to 880.90, Maruti by 18.15 to 934.35, ACC by 17.30 to 970.80, BHEL by 15.25 to 2319.50, Dr Reddy by 8.15 to 704.15, GACL by 3.25 to 119.90, HLL by 3.50 to 235.15, Hindalco by 4.20 to 171.30, ICICI Bank by 7.50 to 687.15, L&T by 22.05 to 1258.55, NTPC by 1.80 to 130.20, ONGC by 16.50 to 1128.90, Ranbaxy by 10.40 to 412.70, SBI by 21.05 to 1004.90, Rel Com by 6.25 to 338, REL by 4.85 to 460.30 and Tata Steel by 11 to 506.80.
However, Infosys Tech firmed up by 75.35 to 1981.35, TCS by 33.65 to 1045.00, Satyam Computer by 7.70 to 414.95, Wipro by 9.00 to 528.90, HDFC by 25.15 to 1439.65 and HDFC Bank by 26.00 to 964.95.