Sensex, Nifty fall on weak macro data, IT stocks down after Infosys Q4
Shares of Infosys plunged 2.20 per cent to Rs 947.50 in opening trade despite its January-March FY17 consolidated net profit rose marginally year-on-year to Rs 3,603 crore.business Updated: Apr 13, 2017 11:27 IST
The benchmark BSE Sensex fell over 73 points and the NSE Nifty dipped below the 9,200-mark in early trade today as investors indulged in cutting down their bets on disappointing macroeconomic data and weak trend in Asian markets.
Moreover, lower-than-expected January-March earnings posted by the country’s second-largest software services company Infosys also dampened trading sentiment.
Shares of Infosys plunged 2.20 per cent to Rs 947.50 in opening trade despite its January-March FY17 consolidated net profit rose marginally year-on-year to Rs 3,603 crore.
The 30-share barometer was quoting lower by 73.15 points, or 0.28%, at 29,570.33 with sectoral indices led by metal, IT, technology, capital goods and FMCG trading in the red, falling up to 1%.
The gauge had lost 144.87 points in the previous session.
On similar lines, the NSE Nifty cracked below the 9,200-level by falling 26.55 points, or 0.28%, to 9,176.90.
Brokers said market mood took a hit after a government data, which was released after trading hours yesterday, showed industrial output slipped to a 4-month low, contracting 1.2% in February.
Meanwhile, Retail inflation jumped to a five-month high of 3.81% in March.
A weak trend in other Asian markets in line with sell-off in the US on continued geopolitical tensions and comments by President Donald Trump expressing concern about a strong greenback also dented sentiment here, brokers said.
Hong Kong’s Hang Seng was down 0.07%, while Japan’s Nikkei shed 1.14% in early trade. Shanghai Composite Index, however, was almost flat.
Meanwhile, the US Dow Jones Industrial Average ended 0.29% lower yesterday.